Gotta disagree with you partly here Rusty... I am an electrical engineer for a power company. This info may vary from power company to power company, but here's what we do:
Most power is billed primarily on a KWH basis. This is power consumed for a length of time.
Residential and small customers are billed ONLY on a KWH basis. They are not billed on amps of demand (or max amps on the high leg like you are talking about). In fact most residential meters do not even have the capability to record max amp demand.
Commercial and Industrial customers (those of sufficient size) are metered and billed differently. They are billed on KWH of power used, but we also charge them a "demand" charge. This type of customer will often have LARGE motor loads. While these loads may only be on-line intermittently, we, as a power company, need to provide them with enough capacity for the full load. They may only operate at a high demand for a small fraction of the day, but we charge them the extra "demand fee" for the capacity. Meters on this type of installation will be have the ability to record KWH consumed, peak demand, and oftentimes other data like KVARs, power factor, etc. In general, the customers will be billed for KWH consumed and demand charge... though LARGE customers can also be charged for combinations of KWH, Demand, KVars, power factor , etc.
So it all depend on what type of customer you are. In general, if your are residential with a small shop... KWH use only. If you are commercial/industrial then demand becomes an issue.
Erin