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SmartKey enhances the animator's workflow by dynamically altering the setKey and timeline display options based on whether you have selected channels in the channelbox or not.
If channel items are selected, pressing the 's' key only keys those channels and only displays key ticks for those channels on the timeline.
If no channel items are selected, then pressing the 's' key will key all keyable attributes as normal and display all keyable channel keyticks on the timeline.
New in 2.5: Selected Channels will filter the graph editor as well allowing you to easily view just the translate Y (or any other channel) of several objects simply by selecting it in the channel editor