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

You can see the full writeup in the official docs, but basically, __new__ is called before the new object is created (for the purpose of creating it) and __init__ is called after the new object is created (for the purpose of initializing it).

Using __new__ allows tricks like object caching (always returning the same object for the same arguments rather than creating new ones) or producing objects of a different class than requested (sometimes used to return more-specific subclasses of the requested class). Generally, unless you're doing something pretty odd, __new__ is of limited utility. If you don't need to invoke such trickery, stick with __init__.

If you want to alter the attributes dict before the class is created, or change the bases tuple, you have to use __new__. By the time __init__ sees the arguments, the class object already exists. Also, you have to use __new__ if you want to return something other than a newly created class of the type in question.

On the other hand, by the time __init__ runs, the class does exist. Thus, you can do things like give a reference to the just-created class to one of its member objects.

Edit: changed wording to make it more clear that by "object", I mean class-object.