GameRager: Dude, you're being paranoid here.......
Hardly. The cost of usage during peak hours will increase.
GameRager: Also how can they know exactly what you're using? Those meters(from my understanding) can tell HOW MUCH energy you use total and when but I don't think the outlets in people's homes can detect what types and/or brands of appliances you're using and relay that info to the power company
New appliances communicate directly with the meter, actually. From Wikipedia:
The HAN allows HVAC systems and other household appliances to communicate with the smart meter, and from there to the utility.
And maybe the worst that happens is someone at the electric company knows when I take a shower or look at porn or look at porn in the shower. Not a big deal but the bottom line is there is no advantage to forfeiting so much private information.
michaelleung: Does the OP live in Metro Vancouver, by any chance?
No, I'm on the island. That might be why I'm so "granola." :p