Well, it's an inexpensive part for all it can do, that's for sure; a good fit might be if you already have a design that has another micro in it already and you need this powerline monitor functionality.
But if you are doing a new design, consider the TI MSP430FExxxxx parts... The E is for Energy, this is a mixed signal part, with the full MSP430 16bit micro, an LCD controller, timers, and 3 simultaneous 16-bit ADC's.
microchip MCP39F501 | (specialized, no GP microcontroller) | < $3.00 |
TI MSP430FE | (full micro and LCD, PWM timers ) | < $8.00 |
The most important thing is measuring RMS voltage and current instead of doing all sorts of software sampling which I myself couldn't do it properly. It's only 2.5$ from Microchip so it's very cheap!
The datasheet shows a soft core there, likely it is a PIC with mask ROM for the calculation engine. So they are still doing the RMS calculations in software... they've just done the hard work for you here. And in my example above, you'd have to do the hard work yourself for the TI part... I can see the advantage of someone else doing the hard work for me here