I think it is fine the way it is. For 95% of the people who use and pay attention to it. The smites that are tossed out there are just, if not more, an indication of who the smiter is and where they stand in life. Go and look at some of the reasons people have smited one another. A large enough share is spiteful thinking. It says loads about the level of maturity that was going on at the time. I'm not excluding myself, I made a rash smite that I later was very sorry for giving. I was lucky that I was able to have it removed, as it was uncalled for. Go and have a peek at some of the reasons smites are given out to others.
At the same time, note the applauds and read the reasons why. I find them insightful of who that person is, and at times the level of respect they deserve.
There are a small percentage of smites and applauds that are given out as though they are part of a buddy system, or little clique. So what. you find out how that works with some people here, too.
Overall, it's an indication of how your peers react to anyones given attitude at the time. If you like or object to any you have given or received, you are not restricted from discussing it. If people are using the smite button at a level of just spitefullness it should be brought up, it goes beyond the reasons for the system. Use it like an adult and you will be treated as such 99.9% of the time. use it like a little slap system and it becomes very obvious who you are and the level of maturity your working at.
I find it useful when I wonder enough about where someone is coming from, why they make the statements they do at times. It's a useful tool for deciding if you even care to engage in conversation with someone, or even your response to them. I think that its not used enough at times and at other times you realize that you could be dealing with someone thats just pissed at the world.
It's an indicator of attitude more than anything else. It can show levels of respect as well as levels of disrespect. Use it in an immature way, it shows when you do. Use it in the way it should be used (with respect) and it shows the maturity that this forum should operate at. It's above the bull->-bleeped-<- that is so common when your online at some places. Use it as a tool of revenge, you'll be treated with the respect you deserve. Use it as a tool of honor, thoughtfulness, with a level of respect that shows you are thinking and it becomes another way of realizing the level of maturity that this forum and most who use it, deserve.