Smart's momentum seemed to take a hit when the lead developer was hired by Canonical and started working on apt related issues in Ubuntu. It's too bad, because you could do some really amazing things with the Smart API.
Way back when, I was the author of (the now orphaned) rpmstrap. I began working on an experimental rewrite of it using the Smart API and found I could do some pretty amazing things (also, scary things- like bootstrap a working system using a mixture of packages from RPM and DEB-based distros :-)
I always felt really sad that Smart never caught on more...