For general "around town" type riding I have been using the SMX2 for a couple of years now and am happy with it. It is considered a chopped down version of the SMX5 boot. The SMX2 is comfy enough to walk around a little bit in once you arrive at your destination, but still not really meant to be walked around in all day kind of thing. I use the 2's in conjunction with knee pads to give me protection from the knee down to the ground. If you plan on going to the track, some tracks will allow you to use them, but I still recommend getting a full length race boot for track days or more spirited riding.
A friend of mine who got the SMX1 hated them due to the fact that they are much more shoe-like vs boot-like, and didnt really offer any more protection than a hightop shoe. He returned the 1's and got the 2's and has also been quite happy with them.