query_posts exclude by meta key

query.php

// Set up a custom query
$featured_query = new WP_query();

// Your query args
    $featured_args=array(
        'post_type'=>'post',
        'meta_key'=>'featured_product',
        'meta_value'=>'1'
    );

// Run it
    $featured_query->query($featured_args);

    if ($featured_query->have_posts()) {

    while ($featured_query->have_posts()) {

            $featured_query->the_post();

        // Remember the featued ID
        $featured_post_id = get_the_ID(); 

        // Render your featured post here
    }
}

// Set up the args for your main query
$args = array(
  'post_type' => 'post',
  'post__not_in' => array($featured_post_id) // Don't show the featured post
);

// Now run your main query and so on...