Your agreement with Smashwords is governed by the terms that you and Smashwords agreed to. So it is up to Smashwords' lawyers to figure out what to do with the new TOS, but my guess is that their agreement will B&N will not change. It has always been a little different then what you could get through PubIt.
I may pull the two books I put in B&N directly and put them back through Smash if things turn out to be as bad as they sound right now. Keep in mind this is all in the first days of terror, and once the dust settles might not be so bad. I am pulling a wait and see.
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