I know Mr. Smith by reputation and through several other fora (forums?). Anyway, His knowledge of the subject is very sound and he will provide you with excellent advice.
The only things I would add are:
1. If you are going to practice iai and work with any sword or SLO (sword-like object) on a regular basis, I must assume that you are being trained by a competent instructor. PLEASE ASK THEM before you buy anything. I have had students show up in class with the neatest/greatest/best/coolest thing they found in the local farmer's market or on eBay, only to be told they would NOT be allowed to use it in class (usually for saftey reasons, although occasionally because something else was needed to conform to the requirements for the techniques specific to our class/style).
2. From my much-more-limited experience and knowledge-base, I will offer my personal favorites:
For actual cutting and/or cutting practice, I recommend:
UNDER $500:
Cheness Inc.
This is a San Diego-based company that makes non-traditional katana-like swords (i.e., they are NOT folded, but made of a modern steel alloy). The company was founded for the sole purpose of making affordable swords available to local area students for the practice of iaido, with input on the sword design and performance from local iai instructors. It is an extremely forgiving sword (so you are less apt to ruin it with a bad cut), with a feel and balance that suits my personal needs, and a cost under $300. Their website also features some very good information on swords, sword making, and sword arts, along with a very small forum dedicated to the discussion of such. The owner of the company, Paul Chen (no relation to the other Paul Chen of Hanwei fame) is also very accessible for comments/questions/complaints, and extremely responsive to Customer inquiries.
$500 - $800: I have found nothing in this price range significantly better than the Cheness swords available for half the price.
$800-$1200: Probably some of the Hanwei/Bugei higher-end swords. Please see
this thread, especially post #6, from Sword Forum. The information is dated (the prices listed and the original post are from 2004), but it gives a fairly good overview of the different offerings in the Bugei line.
$1200 - $1800
Martial Art Swords - excellent quality in both blade and fittings/fixtures. If I had the extra $$, this is what I would get. Without this much cash, I am content (for now) with my Cheness.
Happy hunting!