As for the ripple switches - no problem with them.
We have had them for years - one never even notices them doing their thing unless they break - which they do.
I think that ripple switches, as currently used, are probably okay (except, as you say, when they break).
The problem is the potential is there for abuse. They're initially used to prevent load shedding, i.e. in extreme cases; then they start using them in less extreme cases.
Plus, as someone pointed out, how much is it actually going to save overall?