I don't know about the newest models, but on the older ones, you just can't view the metadata description (that's part of the MOBI file) on the Kindle. Period. (but yes, that metadata is being written to the MOBI when you transfer it)
Using the right arrow (joy-pad, dpad) from the home screen will give the option to view the description, but that will take you to the online description on amazon (as you've already found).
Can't get there from here.