That sounds like you may have received a bad can. I hope someone else will post their experiences, but I seem to think that my can is usually about 3/4 full--full enough that I don't think twice about the contents when I open it, anyway.
Try using half butter, half crisco. It helps.
I'm not sure if i have the small container or not (they only have the one size at the place I go to) but I sure didn't notice that it was that low, I would think I would have. I dont blame you for feeling ripped off! 
*goes to check meringue powder*
You know what...I have only used my powder once, which would mean only 3 TBSP is missing, and theres only about 1/4 a can left 
I didn't even notice before until I just checked!
I almost died when I opened my first can of MP. 
I thought I bought a bad can too. All of the cans are half-full!!!!!! I bought 4 cans from 4 different stores 4 oz. each and they all were half-full. I do not know how they can get away with it. I am sure the can was not filled to the top when they packaged it and by the time it gets to the store it is only half-filled?!?! Besides the fact, it runs about $4.39 US for a 4 oz. can!!!!! 
The meringue powder is such a fine powder, there is a huge amount of air in it when it's packaged. The powder settles out of the air and it looks like a rip off when we first open the can, but the powder is sold by weight, not volume. As Wilton teachers, we're told to tell our students to gently stir some of the air back into the container before we measure out the powder for our recipes, to keep from using a packed down amount.
I know it looks awful when you first open the can, but you do get the amount *by weight* that's stated on the label.
I hope that helps...
Deanna
Oh, and I should have mentioned that if you're just making the Wilton Class Buttercream, you don't even need the meringue powder. I stopped using it for buttercream ages ago and can't tell one bit of difference. I think Wilton has you add it just to have you purchase more of their products.
I always thought the meringue powder made the frosting crust, is this not true?
Nope--whatever is in the powdered sugar to keep it from clumping makes it crust.
I hear you, but I only use Wiltons meringe powder, I have tried others and they lumped on me causeing lumps in my icing, not fun when trying to decorate with asmall tip. I have actually put a can on the scale it works out to the correct weight. I do stir it up some to give it more volume.
Actually the crusting or non crusting is from the fat(crisco/butter) to powdered sugar ration, the more fat you have the less it crust. The less fat the more it crust.
And personally I LOVE the CK brand of Meringue Powder, twice the amount of Meringue Powder for half the price. 
Anyone know how long an open, refrigerated can of Wilton Meringue Powder will be good? I have a can that I've only used for 1 recipe a while back & was wondering if it goes bad? I've heard Wilton makes an icing you can leave at room temp. for years (months?). I really hate to throw away an almost "full" can. 
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