Well, up until a month ago, I did strictly smith machine squats, and I could max 450+. Then I started back on free weights because I moved and don't have a good smith anymore. The 385 that I could free squat 9 months ago, back before I started doing smiths, had turned into 285, and my form now sucks ass. If you want to work the primary muscle and no stabilizers, be my guest...........just don't go bragging about how much you can lift or anything.
In short, no, I don't like the smith except for foot forward squats to target the glutes and hams.