With the stock cam, I got a lot of smoke at any smarty level with timing, even #1 with the least aggressive timing. This was low end smoke and would be a problem with normal driving around town. Without timing, low end smoke was stock (unless I swat the throttle). With higher hp levels I get more smoke on top end - more smoke with more hp. The new cam helped the low end in-town/daily driving smoke a lot, but its still quiet bad at 75% or more throttle on levels 7 and 9. I have been very dissappiont with the smarty for this reason. Everything else is just awesome. Bob said there be improvements, but I'm still waiting.
Oh yeah, I only run stock rail pressure and TM.