@ned said a few weeks ago in a hang-out a crucial advantage in my eyes. He said that exchanges were already charging 1-2 million dollars in order to list a new coin/token.

New Exchange Listings not necessary

Every new ERC20 token cannot be traded without a listing. You might be able to get a listing for free if you have such an important token like EOS, but even that is not without trading fees. And some exchanges disabled it sometimes temporary like shapeshift and you do not know when it will be available again.

Steems internal market works beautifully and free of charge 24h a day, without interruption. I have not seen the actual implementation of the SMT version for the internal market, but I think it will work the same.

Small projects become feasible

If you plan to do a small project where you need to raise like a million USD, I guess you would not be able to hand out a million USD in advance to an exchange, or 10 million USD to 10 exchanges.
This would just not make it worth for you anymore.. but there are millions of small projects that would be worth doing if there would not be such a charge upfront. Projects that require 1,000 USD, 10,000 USD, or 50,000 USD to start and perhaps grow big.

Imagine the 100,000 projects that @ned wants to see making use of Steem. Micro projects or big projects, all traded without fees on the internal exchange in seconds. You could take a few Steem out of big project and invest it in a micro project (a bar in vietnam?) without loosing anything. Would this not be amazing??

When you get paid revenue in Steem (or SMT-token) you will be able to trade these to Steem and then on external exchanges. By the time this explodes many more exchanges will add Steem and Steem Dollars to their listings voluntarily.

Summary

Ethereum's ERC20 or EOS (as far as I know) will not enable this. SMT's are a perfect enabler for millions of small businesses and projects. Allowing them to compete for venture capital money or small investors money on a global scale. The possibilities seem to be endless. I already have seen a project that plans to raise money for mining in Patagonia using SMT's. But it could also be a chain selling hot dogs on rickshaws in the streets of Lima in Peru... And everything traded in seconds as if it where Steem itself (perhaps with less order-depth though).

The listing problem gets eliminated once and for all. This is a huge plus over every other solution...

This Boone is not included in my opinion in the prices today of Steem today. We all suffer the extended wait until mid-year and I would have loved to see SMT's starting by march 31st, but I hope I will survive the wait until August 31st.

Steem with SMT's should go to a 100 USD at least... this would be around 30 billion USD. In order to reach Ethereum it would have to go to 300 USD, that would be a 100 fold increase and I think in this crazy market this is absolutely possible... just look at the evolution of Ripple in one year during 2017.

Disclaimer: This is no investment advice, just my opinion