If my 2000w heater is running on the 800w setting and turns on when my room has dropped below the point I consider acceptably chilly and turns off above that point, how much electricity have I used in the last hour?
If I have 3 15w LEDs on a dimmer and run them intermittently throughout the day, how much electricity have I used in the last hour?
If my TV is off, but plugged in, and accesses the Internet a few times a day automatically to check for new versions, how much power has it used today?
I think this makes the case for, at least, a kill-a-watt style device. A whole home solution with sufficient report granularity and a report interface visible in the home would be worth the extra trouble, IMHO.
Edit: For the record, these are all real-scenarios from my house.
You can have per circuit monitoring, you need a CT for each hot conductor and a submeter with enough CT inputs for all of the circuits in your panelboard.