I understand what this device is doing, but I expect it'll be wrong in a lot of cases, especially for people on this forum who have non-standard power use patterns.
You're probably better off with a Kill-a-Watt on normal appliances, and a clamp type meter for big circuits. Or just find the major spikes in your smart meter output, if that's an option.
I don't think this particular device is likely to save you $250 on power. The reality is that the big stuff is subject to obvious control (the thermostat, if you have electric heating or cooling), and a lot of the other stuff isn't worth the time or energy - Energy Star has done a great job on standby power use, and almost nothing uses transformer based wall warts anymore (that get noticeably warm). Switching power supplies with zero output use incredibly small amounts of power.
I want one of those fancy smart thermostats that cost $250 so it can look cool on my wall and can automatically control the A/C from my phone but I don't have one
Depending on your heating system, a Nest or similar can be worth it, though if you're paying $250 for a Nest, you're paying retail, sucker. ;) You shouldn't pay more than about $200.
At least for me, I'm confident that it will save me money over time, because I have a heat pump, and the Nest has a variety of interesting algorithms for "not running the backup coils" - as compared to a cheaper thermostat I had with the heat pump, which would panic and turn the backup coils on any time there was more than a few degree difference of actual vs requested. I was "cooking the house" before we moved in (trying to drive out volatile organics), and if it was 70 degrees inside/outside and I requested 90 inside, it'd turn on the coils, despite the system being entirely capable of doing it with the heat pump.
Also, the auto-away feature is pretty nice. If we're away from the house, the thermostat will automatically bump the temperature up (or down in the winter) until you come back - and you can still tell it "Hey, I'm on my way home, so get started now."
Given that my backup coils seem to draw about 15kW, or over $1/hr, not running them is a big deal.