SP is vested Steem and it's primarly there to calculate bandwidth on the system. IF you want to run an SMT you will need SP to run it. Steem will gain a lot fo value from it since it will be the only pair on the network to trade all of those SMTs. SteemPower will still work to distribute STEEM like it does right now (but not other SMTs)...if that make sense.
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Pardon My ignorance, but what is SMT?
Smart Media Token. You will find the explanation in SteemWiki.