C|Net did a roundup of flash media types last week. You may be able to dig it up somewhere. As you can imagine, no flash memory technology is physically compatible with another.
Although I own two SmartMedia devices, I have a feeling that CompactFlash is getting all the attention these days. CF currently maxes out at a higher volume (256MB vs. 128MB), and thus may have a better volume/$ ratio. I don't think there are any PDAs that currently accept SM out-of-the-box (boo from me!

). MP3 players, at least older ones) tended to use SM. Digital cameras vary widely.
I'd think about the devices you see yourself using in the the future and go with the format that supports the most of the devices.
-SUO