I believe the OP was asking is what is the benefit of this additional measuring and monitoring. What will it provide beyond the KW/h information I can get from my own meter?
It is hard to isolate particular elements of your house's usage without either a lot of legwork or a decent sensor solution. Knowing how you use your power lets you make smart compromises and invest in power saving measures such as better lights, solar hot water heating, insulation or smarter appliances.
It is especially important if there are many people living or working in the same building, making it hard for any one person to get an accurate picture in their minds of the power consumption.
I also have an induction meter (IIRC accurate to ~10W, I've used ones accurate to ~1W) that cost ~$60, so I seriously don't see the value in a $200 system that can't do much more than me, a pencil and time.
I see the system as a bit dishonest when you can tell people to look at a plug and read the amperage draw and tell them to times by 110. It's especially dishonest when the majority of devices now tell the wattage due to EnergyStar requirements.
Personally, I'm with you in preferring a different solution. I use a Kill-a-Watt (http://www.p3international.com/products/special/P4400/P4400-... ) to measure actual average power consumption over a few days for each major device in my home. Seems to work fairly well.
Or an amateur-chef scoffing at someone going to a steakhouse to get a good steak, because he knows how to make them good at home, much cheaper.
Or, say, a geek saying that graphical UIs are bad because he can work much faster on the command line and in vi.
I have two electrical heating devices, but both have a thermostat. I can read the label and do the math and tell you exactly what they cost to have running. But I can't tell you how often the thermostat turns them on and off, and I'm not going to spend a day with a stopwatch, looking at the light going on and off. I can't tell how the temperature outside might affect my heating usage. I can't tell how two persons showering affects the floor-heating in the bathroom, over one or none.
A logger like the one Wattvision offers could offer some input to that.
You cannot read your meter as you walk around the house switching appliances.
Many (if not most) home-owners are far less aware of the power usage of common appliances than we are. They probably don't even know what a kWh is.