My most in-depth thought about SMT: I'm worried an average user (i mean a normal one not the crypto experts here on steemit) can handle 100s of additional currencies. But it will require much more average users then crypto experts to make all of those coins a success. I would instead like to see tools and interfaces to better integrate steem into other communities and other kinds of content. Having each community managing his currency is making things more intransparent and challenging to compare. Comparisons only experts will be able to do. Ask your self what might be better...a huge market for one content based coin or 100s of marginal markets with different content coins.
I can see only a handful of SMT succeed in the long-run.
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I agree, the basic "complexity" of the rewards system now keeps many from joining Steemit.
Once more cryptoprojects become mainstream the vast majority will take the complexity as granted. Consider how many normal people are worried about inflation/interest rate/exchange rate relations while using fiat currencies in daily life. But there are indicators they will be worried such as salary or price.
The next group of people getting added will not be worried about the blockchain tech, and the very next may not even be aware of its existence. I wonder how many of us are aware of TCP/IP.
The early adopters can easily become powerful participants of tomorrow's crypto world, while the crypto layman of tomorrow will be aware of only the indicators such as number of votes on posts or the dollar value near it.