Almost Completely a Virtual Meter
I 'acquired' one of these newer 'smartmeters' not so long ago and took it apart, carefully, It was returned but in less than pristine condition.
Almost all the metering is electronic. Sensing (consumption) can be achieved by acoustic-optical doppler, magnetic, mass-thermal, wheel-turbine / pelton, ultrasonic, etc. They have all the angles and substances covered.
The LCD display was chip on glass, driven serially, with the microcontroller linking everything together including RF communications, etc. There was a menu that includes encryption.
Seemingly, the display inviolability is big with regulators, the old mechanical readers failed, but they usually retained the data even when the mechanical damage was severe, This isn't the case with these 'virtual' meters which places the consumer at the mercy of the utility and who trusts a utility?
Technically remarkable, But for the consumer the mechanical meter is best.