The smart tab has an annoying glitch. When using smart tab to align (existing) text, the cursor moves to the end of the line without moving the text. Only after pressing, for instance 'enter' is the text visually alligned.
Say you have the following statement:

Code
SELECT a.column1             my_first_column
,      a.colum2   my_second_column
FROM   my_table  a

and you want to allign the 2nd column alias with the first, the cursor moves to the correct position without moving the text 'my_second_column'. Pressing enter will move the text to the desired position.

Been there, done that, Got the T-Shirt