Pro's: awareness, behaviour change, reduced consumption
In the UK, the latter is a driver for government targets around smart meters, which the energy companies have to. http://www.decc.gov.uk/en/content/cms/tackling/smart_meters/smart_meters.aspx
. In Ireland, a country with much rain fall, water meters are being introduced, again a government initiative related to shortage concerns.
I'm not sure I agree about the solar angle. Again in the UK, smart meters are installed as part of the Microgeneration Certification Scheme - it acts as a guarantee for the feed-in tariff.
Con's: smart meters tend to be part of a move towards "smart homes," and I can't help wondering if the whole thing simply encourages more manufacturing?