I do agree with the way @exyle is looking at this. Until SMTs are launched, it's pretty much up to anybody how you want to mine you STEEM. You just want to collect as much STEEM as you can. Then, SMTs will allow for different projects and models to be tried and "a thousand flowers can bloom". STEEM (power) will then just serve as the resources you need to power your (d)app on the Steem blockchain.
I agree with @exyle that the path where the Steem blockchain is going is pretty clear now, taking in account that SMTs will be successful.
Makes sense to me too!
As I understand them, SMT won't fix Steem distribution. And because Steem will be needed to power (d)app, then Steem will remain valuable and the way they are distributed will still matter.