The Code Bender

Instead of studying for my finals this morning I've been hard at work (possibly pointlessly) on my power sensing wall socket. I've created an initial sketch and short of a choice of opto-isolators (any thoughts anyone?) I've got my parts list together. The sketch can be found after the break:

Update 1: I've chose an opto-isolator the Toshiba TLP627-4(F) Quad chip.  Dip, speedy, cheap, that's all I asked for.

Update 2: I believe isolation on the lines coming into the Arduino need to be fused not isolated due to the inherent direction they're operating.