[ampaterry]

The signal is sent in induced into the power lines.
We live in a valley where cell phones, wireless internet, TV signals, etc. just don't reach. When LE friends stop by, they use our land-line to check in because their police radios don't reach out of here.
But our meter transmitter works fine -

Yes, these eliminate the meter reader.
We have had it about a year now, and no problems -

If it bugs anyone, put in a timer on a light - that will show usage pattern and keep them from telling when you are home or not even if that would be useful somehow.