I have a feeling that the original plan, which was to use smart metering as a way of LV grid load shedding for stability reasons, may well have been overtaken by events, anyway. Back when the scheme was dreamt up, the major concern was that the grid was going to lose reactive power generation (high inertia generators) as zero reactive power renewables and HVDC interconnects became an increasing part of the supply mix. The only realistic option back then was to use load shedding, as pumped storage (like Dinorwic) takes seconds to come on line if there's a frequency dip, so the frequency could drop to the point where there was a HV grid cascade failure before Dinorwic (and a few smaller plants) had spun up.
What's happened since is that distributed storage has become not only economically viable, but it actually enhances the profitability of solar and wind generating plant, as locally generated electricity can be stored during the periods when prices fall to the zero profit region for some generators, and then sold back to the grid when the wholesale price rises above the profit threshold. Many (most?) new solar and wind farms are now including battery storage, and it's even proving economical to retro-fit existing solar and wind plants with batteries. If domestic battery storage prices continue to fall, they will soon reach the point where they make economic sense to install, too. Right now, the cost/benefit for domestic battery storage makes it something that only those who are prepared to pay more in order to reduce emissions might fit, but last time I looked in-depth at the cost versus whole life saving it was only about 10% above the break even point, so close.
Distributed battery storage could really be a game changer in terms of grid frequency stability, as it's now possible to make such systems appear to be reactive power generators, exactly what the grid needs. Rather unsurprisingly, it's been Elon Musk pretty much at the forefront of the big systems, like the very successful Tesla Hornsdale Power Reserve in South Australia, which has already saved more money than the system cost to install, apparently, and has prompted other power companies to install similar systems.
If distributed battery storage can replace the role of spinning reserve then the need for smart metering to aid load shedding pretty much goes away. An incidental impact will be a very big reduction in peak to trough pricing, so the swings seen in half hourly retail prices, from minus a few pence per kWh to over 35 pence per kWh, will be significantly reduced. The reduction in price swing could be around 90% or more, based on the experience from South Australia. That would reduce peak rates down to maybe 12p to 13p/kWh, with off-peak rates increasing to around 11p to 12p/kWh. If this happens, then tariffs could simplify to just a single, lower, rate, with no need to faff around with switching domestic loads on and off at odd times.