I actually had to design a digital power meter as part of a class project. Even on something as basic as a dsPIC (much slower than even a low end ARM), it's not very difficult to make the code work in real time with a 250kHz sample rate. The antialiasing filters are around 20kHz, giving it plenty of bandwidth for mains power measurements.
I do agree, however, that equivalent time sampling holds lots of traps for unsuspecting beginners. Fortunately, no knowledgeable engineer (nowadays) would use equivalent time sampling at such low frequencies.
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To my surprise, shortly after Naomi Wu gave me a bit of fame for making good use of solar power, Allie Moore got really jealous of her...
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