http://www.cnt.org/news/media/vision-2-pager-final.pdf

Some highlights of what the smart grid will offer:

Self healing in that it will detect issues and take corrective action
instead of waiting until part of the grid fails, then needing human
interaction to fix it.

Utilize many energy resources using plug and play technology and (GASP!)
focus on using renewable sources efficiently and seamlessly.

Easily integrate wholesale markets which will then lead to the growth of
new electricity wholesale markets.

Resilient to attack and natural disasters with rapid restoration
capabilities.