Multiple agendas appear to be at play in the Smart Grid space. Two clear threads run through it that I can see:
1) the utilities see the need for dedicated wireless spectrum to allow them to advance their distribution and workforce automation goals and perhaps as a way to ensure reasonable cost access to metering data (either collector backhaul or direct to meter).
2) recent entrants to the space (Google, Intel, CISCO, etc etc) see metering data (and the applications that access to that data would enable) as the holy grail of the Smart Grid .
I can see secure, reasonable cost wireless access to smart agents deployed in distribution automation equipment (reclosers, breakers, synchrophasors, transformer meters, cap banks, storage, etc) paying big dividends in terms of increased grid reliability and reduced outage durations. Meter data would play a part in that as well from a demand forecasting perspective and being able to respond in a timely fashion with price incentives to lower demand to mitigate the need for new generation investment.
What I don't see is the Smart Grid providing an alternative high bandwidth connection to homes through the meter and frankly, I think there are other solutions out there to cover this need (DSL, fixed WiMax, mobile WiMax FTTH, HSPA, LTE, etc).
My fear is that with all the emphasis on end user data and how huge the impact of that could be, an opportunity is being missed by the FCC to allocate dedicated wireless spectrum that can REALLY move the grid into the "Age of Intelligence".