When I read that SMT paper the things I didn't like were the limited choices of upvote-curve and curation-curve. My understanding of SCOT is that those limitations are no longer there. On the one hand, one needs to keep the current Steem model but it also means that one's token could have a completely different model. Needs some serious dev tho!
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One of the advantages to building as a layer 2 protocol, is that it becomes less restricted by previous design decisions. On the other hand, SCOT does not offer a consensus framework, so it's currently not decentralized. Once SMT's reach full release, I will do a deep-delve side-by-side and decide which (if either) is the best path forward for SBI tokenization.