Are Smart Meters Really Smart?

Smart meters sound like a really good idea in theory. They are electric meters that can be read electronically. This means that the electric guy no longer has to trek around to every house in the area to read the meter. The meter can simply be read by computer at the headquarters of the utility company. It should save time and money for everyone.
Sounds, good, right? However, Dave Moore over at the Norman Transcript makes a pretty good case for why smart meters are actually a really stupid idea. Why this might actually be a stupid idea:

• Your home’s electricity will be able to be turned off remotely. The idea here is that the electric company can shut off electricity as needed in case of an emergency or suspicious overuse at the home. However, the reality is that this could end up meaning your electricity goes out frequently for no reason. The electric company is bound to make mistakes in this area and consumers will have to deal with those mistakes.
• Hackers could get into your electricity. The way that smart meters work is through computers located on site. Hackers could break into the electric meters in an area and shut off the electricity or turn it up to increase your rates. There probably aren’t enough security measures in place to prevent this from happening.

So, what do you think? Are smart meters a good idea? Or do their drawbacks actually make them a really stupid product that we aren’t ready to endure just yet?