The main reason I was still using this app was because of their nice UI for the week view. I just discovered the week view in iOS 5, which renders SmartTime obsolete.
Keep reading if interested in other issues with SmartTime that came up: I stopped using the 2-way sync mode between SmartTime and Google Calendar because I found that doing so deleted data from Google Calendar. Consequently, I resorted to a one-way sync (Google Calendar-->SmartTime) only. In fairness, maybe the sync issue is resolved, but I didnt want to take a chance losing my data again. SmartTime had its season of usefulness: the week view UI is nicer-looking than the native iOS calendar, it allows you to see all 7 days in landscape mode (albeit in small font, but is still readable); has more functionality than iOS calendar (e.g., SmartTime allows you to go to a specific date one year or 2 years later--with iOS cal, you have to scroll through the monthly calendar or weekly view to get to your specific date, or start a new entry with a specific date). Furthermore, iOS cal is limited to viewing 3 days at a time in week view (landscape), but font is larger, and the design is more consistent with iCal. There were other issues that came up with SmartTime both in my iPod touch 1G, 4G and iPhone 4, but theres no sense putting it here anymore since Im abandoning the app.