I know there are some people here who really detest Smashwords' Meatgrinder, so I thought this might be of interest:
From the Smashwords blog:
Originally Posted by Smashwords Blog
To accommodate the books from these ebook design pros, we'll offer a Meatgrinder bypass option called Smashwords Direct by the end of 2012. That means it's coming but it's not immediately imminent. Even when we offer that service, I expect most authors will still choose the Meatgrinder route because it's faster, cheaper and, well, simpler.
Full post: http://blog.smashwords.com/2011/11/i...le-ebooks.html
It doesn't say whether the Direct option will take an ePub and use that to convert to the other formats, or if authors using Direct will have to upload their own ePub, Mobi, etc files. I'm guessing it's the latter.