One thing I don't like about smart previews is that if you go to 100% magnification it loads the raw and renders it all over again. That takes some time. I actually don't use them very often because of that. Just working with the raw directly seems a little faster in develop mode though if work only with the smart preview it is definitely faster though you don't get a 100% view. It usually has enough resolution to determine sharpness on faces usually though.
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