It looks like it monitors your house's line voltage and reports every time that there is voltage drop due to anything in the house turning on. Which is pretty much any time of the day or night! But it looks like they're claiming that they can some how predict fires with that data. I suppose that they're only talking about electrical fires here but they insinuate any kind of fire! So that narrows down it's usefulness considerably to start with!
But to me the problem would be how do you tell the difference from an intentional electrical load "due to a print head coming" (his example) in the middle of the night or from an electrical fault. And believe me I've seen plenty of faults in electrical wiring that weren't heavy enough that they didn't even tripped the breaker, so I don't think their monitor could tell the difference either.
I think that it's theoretically possible that this might catch some electrical faults and report them in time that someone might catch it in time and they might prevent a fire but IMO the odds are very, very, very remote! I think this is more about convincing a lot of people to buy a cheap device and then pay a never-ending monthly monitoring fee than a useful application. And it doesn't prevent fires! It only monitors conditions where it thinks a fire could start and then reports it to the home owner and it's up to them to physically check and determine if there is a dangerous condition. Yeah, like that's likely to happen after the fifth false report!
Just to start with the critiques, houses in the US are supplied with TWO 110 VAC circuits (the outputs of a center tapped 220 VAC transformer) not one so a single monitor would only monitor half of the circuits in the house! Actually even less than half since a lot of the larger appliances are powered directly by 220 VAC.
Invest your money in a couple of good smoke detectors and and in a Carbon Monoxide detector!
Anything published by Ziff Davis (the one time publisher of Popular Electronics) ceased being honest or useful about 45 years ago!