Insurance companies!! They are the ones who make the medical decisions that doctors and patients should be making! So, why is everyone so worried about the US getting any form of socialized medicine? The insurance companies will run that, too.
Okay, enough on insurance companies. I considered apologizing for the rant, then decided not to.

About the New Generation meter -- it could be that you got a defective one. Call their customer service department and let them know about your problems. Perhaps it wasn't properly calibrated before leaving the factory. (All meters need re-calibrating every so often, so even you dearly beloved ones needs to be checked every now and then.)
Venous blood -- like when they draw it at the lab -- usually has a different reading from capillary blood -- like what you're using when you poke your finger or other site on your body. I don't remember the exact percentage of difference, but I do know that they are very rarely the same.
The FDA has set a standard for meter performance -- they have to read within a 15 or 20% accuracy range. This sounds like a pretty big margin of error to me -- especially for folks using sliding scale insulins.
Strips can be very expensive, as you know, so if you can use that meter, it could save you lots of money. There was a brand called Reli-On that was available at larger pharmacies -- like Walmart -- that was supposed to be pretty good and had low-priced strips. I don't know if it's still available, but you might check.
I've been using a One-Touch for the last three or four years, and like it quite well. One of the things about it is that it requires only a minuscule drop of blood. You can use it for alternate sites for testing, too.
It's a good idea to use your fingers for testing any time you aren't feeling well. Other sites don't adjust to changes in your blood sugar as quickly as a finger one will. At least that was the scoop when the alternate-site testing first started a few years ago.
Good luck.