Meteor implements it in such a way, that app developer decides what logic is latency compensated and what is not. Furthermore all the actions validation rules still apply on this executed logic and if clients disagree with the server (the privileged environment), clients cannot harm the server state.
Traditionally, you would use a cookie on the client to authenticate and trigger the 'privileged' query during the http request cycle. As far as I can tell there is no way to do this with Meteor. Another way to phrase it is there is no authenticated server-side state modeling the client.
You can only view & modify data on the client that has already been published.
Data that you don't publish / is server only, will remain so.
To be fair, I'm pretty sure the previous versions did have this issue -- it was just supposed to be ultimately fixed. I could be recalling incorrectly though.
Also, this was accomplished years ago with Google Web Toolkit, which lets you write both the server & client in Java, and compiles the client-side java to very efficient, optimized javascript. That has the added advantage of letting you use a sane, strongly typed language, with all the productivity tools available for Java, and none of the quirks of javascript. http://www.gwtproject.org/overview.html