"It's time we met." (我们早该碰面了！）
The verb "met" is in the subjunctive mood. 参见：
http://www.english-for-students.com/Subjunctive-Mood.html
Sentences starting with ‘it is time’ indicate that it is already late for taking the indicated action.
Other Examples:
• The match will commence at 10o’clock and it is time you got ready. (Not ‘it is time you get ready)
• It is already half past midnight, and it is time we returned home. (Not ‘it is time we return home)
这也就是为什么最后一句有人英语翻成：It is time it was time.
