Hi Russ... I love my Smokette. It is easy to use and produces great food. Like any tool, you have to know how to use it, and understand its weaknesses. It is very good at long cooks since it is virtually hand-off. It is a very moist cooking environment, so briskets, butts, ribs come out great. It is not as good at things like chicken where you want a crispy skin or jerky, where a dry product is important. You can use it for these foods, but you have to understand what you are getting. I made some jerky last night, and I just open the door periodically to let out the moisture.
As far as differences between the Smokette and the WSM, the most obvious is portability. I bought my WSM for cookoffs and to drag along when traveling. With the Minion method, the WSM is almost hands-free for along cook, but not quite set-it-and-forget-it for overnight cooks. The WSM is more flexible in that you can cook at higher temps (the Smokette maxes out at 250) for things like chicken, and you can grill on it if you want to.
One "drawback" to the smokette is the lack of a smoke ring in the food. There is a long explanation of why on the CookShack site. It is possible to put a couple of charcoal briquettes into the wood box and get a smoke ring if desired, but I haven't noticed any different in the taste of the food either way. There is a difference between ribs in the CS and ribs on the WSM, but I think its more due to the charcoal than it is due to the smoke ring itself. Also, since the Smokette is a moist environment, it is a little harder to get a heavy bark. I have gotten good bark on butts and briskets, but not as heavy as I have seen from a WSM.