I gather it was:
- slow
- might have required you to make a connection in your circuit breaker
- and was designed in the 1970s, when home electrical systems weren't very noisy (apparently all the switching power adapters we have today make a ton of noise and make it hard for the signal).
I don't see why something newer like this couldn't be done -- we have powerline modems, right? Probably not as fast as wifi, but it does go where it is needed and requires physical access to hack.
Some devices are using Zigbee (a different wireless system), but I understand it was developed without security and isn't hard for third-parties to hack into.