I looked up official responses from ANet and a GM said it was bannable, but Gaile, herself, says that the GM isn't exactly correct. She can't give it a direct OK, but hints that it's not necessarily grounds for banning since it doesn't give an unfair advantage.
SMAA is far superior to GW2's default FXAA, which simply looks blurry, without using a huge amount of resources.
Ok, as requested, here are the before and after screens. I've also showed my in-game settings.
I'm only running 1360x768 because my monitor broke so I'm forced to use my 720p TV. I'm saving up for a 27" WQHD 3D monitor though. Lol.
As you can see, FXAA looks blurry and washed out, while SMAA is very clear and vivid. The ONLY setting I changed was FXAA. In fact, performance even went up with SMAA in comparison to FXAA.
I've also updated the OP with this post.
Edited by Treble, 28 September 2012 - 08:23 PM.