Switched linear modeling and estimation techniques for power electronics circuits have been explored for at least three decades. Many of these techniques have found practical utility as off line modeling, simulation, or analysis tools. However, the fast switching dynamics of power electronics have limited the application of these techniques for online, real time applications, such as control and monitoring. Recently, the advent of powerful, low cost embedded processors have enabled real-time digital controllers that were previously only possible with custom analog implementations. This shift has opened a plethora of new opportunities for exploring the utility of switched linear modeling and estimation techniques in a real time setting. In this talk, I will discuss specific applications for fault diagnosis, condition monitoring, and control. Moreover, I will discuss how these technologies work towards a broader shift in power electronics, a shift beyond single purpose power conversion devices and towards multifaceted and intelligent sensing, computing, and actuation devices.