The incompatibility issue is to be resolved by employing a central meter reading company, who will then pass the readings on to the individual energy suppliers. Presumably they will have a number of decoding programs to suit the variety of meters in use.
This additional cost layer doesn't strike me as being all that efficient.
I'm not sure why anyone thinks the meter readings will be more accurate other than there may be less room for human error than in reading an old style meter. I provide meter readings as requested by my energy supplier before a bill is produced, but in any case the direct debit is fixed for the year under normal circumstances, so any under or over estimate would correct itself on the next actual reading.