Yeah, in theory you could build your own but having something UL rated is an advantage. AC is a lot more dangerous than DC, so you should really know what you're doing before mucking around.
There are a few more components for building a basic board: https://instruct1.cit.cornell.edu/courses/ee476/FinalProject... http://enerjar.net/Hardware.html
Building a more accurate power meter is pretty involved: http://coolarduino.wordpress.com/2013/02/08/power-meter/ http://coolarduino.wordpress.com/2013/02/27/power-energy-met...
lineCurrent = (Voltage of the current-sense resistor) / (resistance of the current-sense resistor)
Considering a current sense resistor is fairly cheap (http://octopart.com/13fr200e-ohmite-988758) it shouldn't be terribly expensive to do. You should be able to throw that between a Vin- and Vin+ on a linear optoisolator and send the values back to a microcontroller to be reported.
I'm not an EE though, so grain of salt.