Matt, if I recall correctly, Leigh died after they had written virually an entire score - on Barbra Streisand's last album Encore, she recorded "Any Moment Now" with Hugh Jackman, which is from the Leigh version.
I recently saw a very good college production with a full orchestra, and it is enjoyable. However, it's different from a great, or even good, musical. With satire, you should never have to play the scene as satire - sincerity should make the point much better than mugging or winking ever can. With Smile, if you play it sincerly, it comes off as sincere and as a glorification of Reagan-era values, which is especailly bizarre when taking account of Maria's exploitation in the second act. That's the real trouble of the show for me. The tone doesn't go far enough, even with slight revisions from the Broadway version.
That being said, I will say that I think the Broadway version is much better than what is currently licensed, although I am fond of the rewritten finale ("Antalope Valley, your Young American Miss is coming home"
, though I wish Doria still ended the show alone instead of having the ghostly choir sing "Disneyland".
"Sticks and stones, sister. Here, have a Valium." - Patti LuPone, a Memoir