I don't care if SmartOS is 'faster' or has dtrace. The fact that it is missing basic things like top (no prstat isn't anything close to top) and 'standard' things like upstart made me want to run for the hills. The Joyent wiki documentation on SmartOS is abysmal at best. Even the pkgsrc repository system feels ancient and pales in comparison to what apt is. I have no desire to spend time re-inventing basic tools that linux has had for ages.
The image version of SmartOS w/ NodeJS isn't up-to-date with the latest Node release and it starts up MongoDB by default. While this may be good for just getting things running quickly, what happens if I don't want Mongo running at all? Generate my own images? No thanks.
I know, lots of hate... but it isn't all bad. Joyent as a cloud platform is great. Basic ab testing against NodeJS had me serving 9900 concurrent connections without any issues on their least expensive vm (which runs on a blazing fast network at 10gb/s). We were on Rackspace before and with a network limited to 20Mbps/s (at the lowest tier) we just couldn't get the throughput we needed.
tl;dr: SmartOS is a train wreck. Don't waste your time. Joyent as a platform is great. Why bother with EC2 when Joyent is faster and less expensive?