This wasn't a study from what I understand. It was population observation. Also, it doesn't take into account a lot of other things. People who eat a lot of meat tend to do the following:
1. Eat a fair bit of char grilled meat. This is known to increase cancer risk
2. Eat richer food in general. Junk carbs and fats are equally unhealthy
3. Ignores the low cancer rates of the eskimos who live off meat and fat.