I agree that it will take time, and perhaps even potentially more time than a top-down driven approach of a single entity (such as Steemit Inc. or JS) would provide. As an iteration of Steem, I believe this has a better chance of retaining the aspects of Steem that brought me to it in the first place.
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I listened to the chat the dev's had, it was pretty good, a lot of technical stuff, but still I was able to understand some of it. SMT are going to be worked on, I think it is good they are taking a first single step to get the full airdrop/separation from steem. SMT's, Witness selection/retention, and a few other things were mentioned. From the gist of the conversation, it seemed that not all were looking forward to the SMT stuff, but they accepted and recognized that it is something a lot of user were looking forward to. So they are going to continue with it. I am looking forward to the chat on the 20th, even if I have to listen to a recorded version.
I think most people do realize that Rome was not built in a day, as the saying goes.