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From greentech media & Michael Kanellos:

Congressman Malarkey now introduces a bill that proposes a plan that would allow customers access to information about their power consumption on line in real time.

“With my e-KNOW bill and a new, American-built Smart Grid, the same people who work on killer apps for an iPhone will now help you know how much energy you use from your iFridge, iStove, or IToaster," Markey's office states.' 

1. Such a meter reading will at best tell you how much power your house is consuming at any time. İt can't tell you how much any one item is using unless that item is internet enabled (which is what the iFridge refers to).  

2. This is the tail wagging the dog - it is something that comes after the smart grid but not before

3. Only new, state of the art appliances will be of the iFridge variety (net enabled) meaning only the people with more bucks will have them - but everyone will help pay.

4. This is a real priority? İt will be of use 10 or 20 years to come when many items are iEnabled, there is distributed storage (limited) and during a power outage the utility needs to reduce consumption on a temporary basis. 

At this date İ have to totally agree with M. Kanellos that this plays into the hands of the potential consumers of such data but won't do anything for the homeowner.

Suitable choices today:

a) read your own meter daily - virtually any new meter will provide readings for different time periods (tariff periods)

b) the power company can provide information on the net about current consumption patterns for typical homes in a geographic area to allow people to compare - like mountain has previously suggested.