Smart metters are bad news - Their are several different manfactures of them , different meters have different cabailityes some of these capabilitys are down right scary and intrusive .
All the smart metters are designed to send a RF signal every 15seconds to 2 minutes reporting your power usage , Most places have readers on poles so the power company has close to real time information
they also have the ability to comnunicate with newer applianaces on your metered power (seriousley) . This is done so in the future they will offer a small rebate if you sign up for a program that shuts down your major power appliances during peak power usage hours .
this program will be voluntary at first , Only to become mandotory
Their are possible health issues from the near constant RF signals , many studys indicate this will be a problem , Like cell phone signals
Their are also TONS of conspiracy theroys about them - Personaly I believe most of them
If you value what little privacy you have left fear the 'smart meter'