I haven't seen much in the way of surface activity from smolts around here. Up in BC, we camped on a big long dry fly pool for several days this year. Smooth water and I don't recall seeing smolts and I didn't hook any smolts. I did hook a few sea-run cutts up there and lately I've been hooking about 1 dolly per trip. I have to say that I am a little skeptical about any direct correlation between steelhead surface activity and insect hatches/smolt activity but I could easily be wrong...
One fish that boiled on a waker this year came up and grabbed something off the surface while I was changing flies - clearly this fish was actively looking at the surface. I later hooked the fish on a small spade fly just subsurface.
Below is a picture of that fish and behind me is that awesome pool. This year has been very good to me!