Well, lets go to the source, LiteOn themselves:
SMART-BURN features :
1. Buffer Under Run Error Free
2. Running Optimum Power Calibration
3. Automatic Writing Strategy & Burning Parameters
4. Automatically decrease burning speed when Laser power over margin due to poor media quality or high temperature
Looks like you got this one right!
(Jase also mentioned that at one point LiteOn was using "SMART-BURN to refer to all of this.)
However, the latest LiteOn I have describes SMART-BURN as "Automatically checks media quality and sets the limit of burning speed to ensure successful writing sessions and data instantly (can be turned off). Hmmm.... nothing about buffer underrun there. To me that covers only the last three points listed above.
And Nero lists "buffer underrun protection" and SMART-BURN as separate features in the options tab for the drive. You can't disable the buffer underrun protection but can disable SMART-BURN. That makes it sound like they are two different things, and agrees with the description in the literature that came with my drive.
I guess we will never know, because there is no common consensus. But then it doesn't really matter, does it? It's really just a marketing term after all. Damn marketing suits!
Well, I guess I've learned my lesson - I'll be staying out of the SMART-BURN thicket from here on out!