I have the minolta color meter. I don't use it for digital. A color meter is still subjective like using an exposure meter or color balancing off a gray card. A gray card and color meter work the same way really. You can take multiple readings pointing either one at the light source, the camera, or towards a secondary light source or fill. The problem with a color meter is, how would you apply the measurement numbers to the images? You would need to put your camera on a fixed setting (like daylight) and use filters on the lens to apply the color meter corrections. The numbers the color meter gives you would not correlate to the Kelvin and tint numbers in your software, so some translation would be involved. You would have the be writing down the numbers for each measurement and transpose them later. With a gray card, you are shooting a neutral reference and taking the color meter readings later, by click balancing in the RAW software.
A simple and small card like one of these works well:
http://www.outbackphoto.com/workflow/wf_46/essay.html I use the disposable, 3 patch, White-Gray-Black card.
A color meter can be of better use if you are shooting in mixed lighting and are using lighting gels to brings the color of the lights closer together. You can point the meter right at the window, strobe head, tungsten light, or fill card to see their kelvin values.
The color meter and the gray card will make the same mistakes. Room interiors are most often warm in color. A color meter or gray card balance will suck all the warm color out of the room if you take a reading towards the camera. Readings in open shade will make the pictures neutral, but you may want the light to look cool like it does in real life.
So you can see from my rambling, a color meter will be educational in the field. It will get you thinking about color, and give you direct feedback. I don't think it will become a vital part of your workflow. You may get better (and less expesive) feedback by shooting more gray cards and playing with the results in your RAW software.
-Eric