I am the only developer on this project.
Even if you are the only developer, avoid committing the .settings directory. You could switch to another version of Eclipse, or another installation with a different set of plugins, and when you checkout projects in the second installation the .settings directory will be different. Also the .metadata directory is bound to vary.
That said, attempt to use Maven so that the Eclipse .project and .classpath files can be generated without requiring them to be checked in.