Is there any reason to choose __new__ over __init__ when defining a metaclass?

I've always set up metaclasses something like this:

class SomeMetaClass(type):
    def __new__(cls, name, bases, dict):
        #do stuff here

But I just came across a metaclass that was defined like this:

class SomeMetaClass(type):
    def __init__(self, name, bases, dict):
        #do stuff here

Is there any reason to prefer one over the other?

Update: Bear in mind that I'm asking about using __new__ and __init__ in a metaclass. I already understand the difference between them in another class. But in a metaclass, I can't use __new__ to implement caching because __new__ is only called upon class creation in a metaclass.