Bear in mind this got included because some energy company paid one of their Lordships to *have* it included in the relevant legislation.
It (in principle) eliminates *all* meter readers (which they like) and facilitates remote cut off (which they like) and lets them change the tariff your on in near real time (which they like).
And they will probably not be too expensive as they will get the ones the US have been using with some changes to quote in metric units. Of course they won't have the security issues already found in the US meters because well they will meet the relevant UK standards (not sure what they are exactly, much like those insulin pumps El Reg has reported on ).
So what's in it for the UK consumer? Well they *could* be designed to shift you to the best fit for your choice of tariff (cheapest, most "green", most energy sourced locally etc). No actual *promise* to do so, just a possible capability.
BTW Those nice "whole house" energy displays were (and AFAIK still are) *optional* (and 3rd party units can do the job just as well). So might not get one even if you liked them.
UK gas meters are *designed* to be +/- 2% correct *except* the ultrasonic digital types which are allowed -2/+3%. A design dating from the 1850's can be 1% accurate (not a transistor in sight) but they could not make it work with with the materials technology of the 1850's.
I'll take a wild guess that 150 yrs later it would be possible *if* the British Standards required that level of accuracy.
Britards, perhaps it is once again time to put pen to paper and suggest the relevant BS should be tightened (It's greener and with gas prices at an all time high fairer) and make your feelings on "smart" meters known to your elected representatives.
They don't have to do much and it saves HMG about £12Bn (who else do you think will be paying for this govt initiative).