Just a comment from a consumer. I purchase through Smashwords due to the multiple formats available, no DRM, and no geographic restrictions.
I have friends with Kindles who look through the Smashwords site for new books & authors, look it up on Amazon, then whispernet the book to their Kindle through Amazon. Go Figure. Their reasons (all but one said) it's easy to get it on their Kindle with whispernet & it keeps all their purchases and books in one place. The other one said she used Smashwords because she had a Sony (travel) and a Kindle (home) and she only had to buy it once through Smashwords to use it on both Readers.
So, I don't think a lower sales number through Smashwords always means less exposure.
