It's definitely better than the previous two attempts. It starts off sort of blocky but after only about 3-5 seconds it becomes much better. Jumping around is quick, but can occasionally cause it to fall back to a lower quality stream again after which it's very reluctant to go back up.
However, I still am not in favour of this. The current, non-smooth streaming videos start just as fast, and have high quality right from the start. There is no argument why we'd even need smooth streaming with my connection.