SmoothWall 1.0 has been released and LinuxOrbit has a related article. On another distro release, for BeOS this time, Developer Edition v1.1 is out. It includes many new drivers and system improvements.
Release notes are also available. I know there were some issues with the Smoothwall team (I think some spintered off or something), but my (limited) experience with Smoothwall was good. I didn’t actually end up using it as a router, as the hardware I had sanctioned for it ended up being needed elsewhere. The fact that it installs from a CD is great, the hardware requirements were modest, and the setup procedure was clean. The smoothwall team was also very good about getting patches out, and (more importantly) making the end user aware of the patches and trying to prompt them to patch.
Great project, congrats on the 1.0.