Having played a bunch of Smiths and a handful of AC's, I will offer my perspective.
AC's are not a fender knockoff. They are THE Fender knockoff that in almost any comparo stands head and shoulders above other fender style instruments (there are a few other standouts, but for all intents and purposes.....) They are exceptionally well playing, great sounding basses that nail the vintage fender vibe but offer modern features and quality. The ones I played at NAMM were stupid good. really.
I have only played a few Smiths that I loved, and many that I found lifeless and awkward, ergonomically. They really kill at getting the smith sound but if I was getting one, I'd want one with the Armstrong dual coils and neck thru/set neck that the Smith tone is known for.
At the end of the day, its an apples to orange question. Do you want a Fender style bass? Hard to beat the AC. Do you want that compressed modern sound? Smith's offer that in spades.