I agree with your general revised impression, RTDub. I had a pair of Smarties. I got them because they were about the same price as new cleats. I liked them at first, but within a year, I came to the conclusion that they were disposable. As it happens, about the time that they started squealing like Ned Beatty I lost the end cap from a pair of only slightly less junky Egg Beater MXR's, and I discovered that the Smarties have the same size end cap.
For my next pedal purchase, I plan to indulge in a set of the redesigned Egg Beaters -- probably even the 2's or 3's.