Hourly pricing is a total non-starter...
Are the government and the electricity suppliers really expecting me to pay more to cook my dinner at the time I decide to have it (6 pm) just because a rather large proportion of the nation also finishes work at 5pm and lives about 45mins from work?
My current dumb meter is a traditional rotating disc type, and I can check my energy use "at a glance" already. If the disc is going around slowly, I'm not using much, if I've got the washing machine, hob, oven and immersion heater on, it screws around like a disc cutter.
I already submit meter readings online to my supplier, and once in a while someone comes to read the physical meter. As I live alone I'm very good at making sure items are turned off when not in use, and I have changed all the bulbs that I can/want to over to CCFLs or LEDs. The only traditional bulbs left are in places where there are no CCFL/LED bulbs that fit or where I need the light to come on immediately.
Ergo, a smart meter will be of no benefit to me whatsoever.
Also, what about rural areas where there is mains supply but little/no GSM coverage. How will these meters "phone home"?