Many interesting topics for your doubts:
Smoke 5.0 has very strong editing features in timeline (in the sense that many effects can be done in timeline window), powerful compositing (up to 99 layers), OMFI import capabilities (eQ only imports AAF). We are overviewing eQ just in these days and for us is not a great tool just because maybe it’s too young and incomplete (but it’s great to handle different resolution clips…and the feeling with the user is very “QuantelStyle” , I mean easy and direct (I’m a former Quantel user). Try and test it, maybe for you is a great system!
If you want to read about some Smoke features (release 4.0) search for a Terence Curren article on DV.com (Smoke HD vs DS HD). Hope this helps!