Conventional wisdon says nothing replaces hard work, but we all know that continuing to work hard and not looking at ways to improve the process while delivering the same quality and outcome is a sure shot recipe for stagnating yourself. Smart work entails thinking out of the box and challenging the status quo, thereby leading to getting more done with less - less budgets, resources, head count, time what have you. Net net, I think this hot debate is definitely biased towards smart work, as long you work hard at getting smarter!!!