Well, our installation isn't "truly" a "smart meter", at least not for the whole house. Ours is attached ONLY to the water heater.
We are in an odd situation.....I live on an island in Puget Sound. The island's electricity is supplied by two main trunks, one of which is an ancient submarine cable, and the other of which runs along the bridge to the island. With the opening of the second Narrows bridge, our once rural area is transitioning to "bedroom community" status, and the population has gone up quite a bit....stressing the electricity supply, especially during the winter months.
Our rural coop is installing a major new submarine cable link, but until that is done, they wanted the option to shed load during peak periods so as to avoid various sorts of "blackouts". The coops tech guys identified the water heaters as the biggest house load that can be remotely switched with minimum inconvenience to the homeowners.
Hence our "sort of bright" meters. Last winter we saw no effects from the remote-controlled meter....we had no notable differences in our hot water supply availability.