One advantage is that the storage and processing of your power usage is centralised in one place, benefiting from economies of scale. If you had that storage and processing power in the meter itself the meter would cost more and use more power - while not using the advanced functionality most of the day.
Having an independent monitoring company (Gridspy or WattVision) whose sole task is to help you gain insights from your power usage data is more likely to benefit you than depending on a large power organisation to do so.
Also, the goals of measuring power for billing purposes differ from those of measuring power to save power.
If you are billing you want highly accurate, irregular samples, with a single meter per customer (no matter how many buildings that covers).
If you are trying to save power, you want affordable, perhaps less accurate sensors measuring as many different channels as possible at the lowest price possible. Gridspy takes this approach.
WattVision is providing you with what the smart meter solution should have been, today. It does that by giving you a single channel of accurate, fairly realtime online.
The roundtrip from your house and back sounds horrible to us hackers - but to the population at large it makes installation and router configuration non issues. It also makes software upgrades on-line much easier.