We are right now finalizing the design for production on a new SSOL (which by the way will do exactly what the OP wants) so I can speak directly to the accuracy issue. When duplicating the functionality of a bimetal OLR, we took measurements of many manufacturers' units in operation, finding the inacuracy to be astounding, i.e. as high as +- 20% in some. Fortunately the only thing relatively consistent was the fact that they rarely exceeded the maximum trip time for their class. Most tripped earlier and many would even come under the heading "nuisance" if you asked me. Still, better safe than sorry.
In the SSOL world, accuracy is dead on perfect as far as the digital processes go. When the algorithm says to trip at a particular level in a set time, it does it. The inaccuracy in the system comes from the input measurement method and the sampling rate. We are using 2% class CTs in ours so there is at least a +- 2% risk there. We have played with the sampling rate a bit and found that beyond a certain level, easily atainable by even the lowest cost components, there is no significant loss of accuracy. So even the cheapest of SSOLs should be more accurate that the majority of bimetals. Of course anyone can make crap, but without an economic incentive to do so, why would they make the sizeable investment in bringing a product like that to market?
For buzzp, you are dead on about the distorted waveforms. A version for use behind VFDs will use Hall Effect transducers and I have yet to see accuracy results on those, but I am told they will be similar. The sampling gets real tricky though and we need to use a comparatively high rate to avoid adding error. That version is still in the skunkworks.
"Venditori de oleum-vipera non vigere excordis populi"