smp = symetric multi-processing
So, yes. It is the kernel used when you have multiple processors. I believe that it does take advantage of a single processor's capabilities of hyperthreading as well. You'll have to research that, but I think it does
If you have just one processor that is not HT then you might as well use the non-smp kernel. If you choose smp it won't hurt. It will just recognize 1 processor and go with that.
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