Heh, see this is the confusion. I'm going to try and clear it up, someone jump in if I get it wrong.
I think we all understand what ColorDMD is. Complete system, doesn't change your game code, it just intercepts the DMD image stream, and applies color to it (simplistic explanation). You can update it with any of the ColorDMD ROMS at any time, free.
SmartDMD, not PMD, nothing to do with Mike, is a system for building a ColorDMD-like system, that used a computer screen to show dots. People have been building their own from parts off eBay etc for a while, and doing cool things with them. Like applying a 4 color palette to it that replaces the 4 shades of orange from a DMD. Jurassic Park was done with shades of red and yellow for instance, which gives it a sort of pseudo-colorized look.
Mike took that existing idea, and is doing a couple things with it. He's offering pre-built display kits, much like the ones you can build yourself, but with the sourcing and work done for you. You can use them anywhere a SmartDMD works, though I don't know what kinds of brackets are offered.
He's also doing a complete system, which pairs the above "generic" SmartDMD display with a file that patches your game ROM to do colors. Right now that's SAM only, and ACDC is the first one.
Initially he was going to charge for the color file, cheaper as a bundle with the screen, and it was "locked", meaning you couldn't edit the dots themselves, just change one color someone had picked to another.
Now it sounds like Mike is going to offer some of these for free, and "unlocked". It's not clear yet which ones will be free or not, and I presume the ones that aren't free will remain locked, because that's what keeps people from just sharing them. Those are guesses.
So that's where the SmartDMD confusion comes from. If that's even clear at all.