I like inventions that can tap into human emotions and desires to produce a better outcome for the environment or society. This is one of those.
However, a new type of smart metering was used in a Canadian program, a prepay system was implemented, whereby customers purchased energy on the open market ahead of time, and when their purchase was up, they had to seek out and replenish their card. There was a not anticipated reduction of energy use by 15% for those who participated in a trial program of this form of smart metering.
By setting a prepaid system, users are more conscious of the value of the power they are consuming, and are less likely to leave appliances on when not in use. I wonder if anything like this has been tried in Australia? Check out the linked blog post for more info.