In AC:B I would have argued to the death that Disguise (rapid reload specifically) was the best single ability in the game for any given circumstance. It trumped Poison in terms of how many points it could give you offensively for a single use (nonetheless over the course of an entire game) and it trumped Smoke Bomb in terms of how many points it could give you defensively for a single use (nonetheless over the course of an entire game).
Then main reason it did both of those things was because every time you popped Disguise you should have been getting offensive and defensive points for it. It offered enough time to get that Hidden Poison kill, as well as a stun, netting you 400 points for one ability (700 if you count the poison). It gave you enough time to get a double escape, and a Hidden Incognito Acrobatic. You were in charge of what Disguise did for you. Disguise depended on the skill of the player using it. The common misconception about Disguise is that people were using it to actually fool people. That was almost never the case.
The fact that it gave you 200 points for being "Hidden" was a completely broken mechanic. I would've never admitted it when AC:B was the game to play, and I certainly never admitted it because I would've loved to see it come back in AC:R, but now that it has not made it's way back, I feel completely fine saying the 200 point Hidden bonus you received with Rapid Reload Disguise was the single most abused mechanic at the top tier of play.
Smoke Bomb in AC:B was good. It wasn't Disguise good, but it was good. Smoke Bomb offered you scenarios in which the other players in the game had to create for your Smoke Bomb to offer you the most points possible. Smoke Bomb inherently allowed you to get up to 2 stuns in a single usage (Long Lasting) or a Focus bonus (actually achievable with any version). It allowed a Poison and then a stun, and even a kill and then a stun (Long Lasting), and the mechanics of the game SHOULD have allowed a poison followed by 2 stuns with long lasting smoke bomb, however, the lag in the game prevented that over 95% of the time that situation even arose. In short, Smoke Bomb relied on your opponents making mistakes to be effective.
In AC:R, the roles have COMPLETELY reversed.
Let's first analyze Disguise in AC:R.
They took away the Hidden Bonus. Okay, that's fair. In AC:B, the hidden bonus was basically an "I Win" if someone was using RR Disguise and someone else wasn't.
They took away the ability to get "hidden status" from disguise. This was a mechanic completely separate from the "hidden kill" points you would get. This was the ability to pop disguise during an escape, and have the act of being disguised make the game feel you were hidden enough to get the "stay hidden" escape meter instead of the red meter of doom. If they had left this aspect of Disguise in the game, it would still beat out Smoke Bomb in Wanted, and probably even the running ffa modes (Corruption and Steal the Applesauce). But they took out this aspect of Disguise as well.
When I first learned they took out this half of disguise's utility, I was mad. I felt they had no reason to take it out because it was in no way shape or form overpowered in AC:B. The Developers had better insight than me, and I thank them for it. It would have not only been overpowered in AC:R, it would've been game breaking. Hidden status from disguise in AC:R would've been Hidden Escapes galore. It would've been goad the entire team of Corrupted into chasing you, get through random double chasebreaker, pop disguise, instant 1k points. Same deal if you have the applesauce and you are protecting it from all those dirty applesauce thieves. Every chase involving 3 or more people (and they happen quite often in those 2 modes) would've been a 700+ point profit. We would seriously see 25k Corruption and Steal the Artifact games. And probably 20k Wanted games.
But I digress... Because those mechanics of utility ARE NOT in AC:R. Leaving Disguise as an ability... used to fool other people in the game.... Something it never actually did well, even in AC:B. The reason? Fooling someone with disguise relies too heavily on the other person.
Now let's look at Smoke Bomb.
Smoke Bomb's #1 most obvious buff was the ability to throw it. Almost long gone are the days of "Drive By Smoke Bombing" where you would run straight at your pursuer, then cut out with a sharp U-turn all while dropping the smoke bomb to catch them in it while never presenting yourself in actual kill range. Now you just lock on to your pursuer, hold down the smoke bomb, and adjust the aim to lead them in stride. Free stun.
Smoke Bomb's #2 most obvious buff wasn't actually a buff to Smoke Bomb, but a Buff to stuns. Stuns only being about 1.3 seconds long instead of the 2.8 they were in brotherhood means that you can get 2 in a stock, non crafted smoke bomb. Which in turn means you can get 2 in a rapid reload smoke bomb. Leading us to...
Smoke Bomb's #3 most obvious buff was the craft formulas. ***Probably*** the best smoke bomb for any given ffa mode would be full cooldown reduction. Full cooldown reduction WITH the overall cooldowns perk means Smoke Bomb reloads at a staggering 35 seconds. At 35 seconds, you can use it EVERY time you want to poison someone, and use it twice while Poison is on cooldown. Another absolutely delicious craft is 1 point in Duration and 1 point in Range. The 1 point in Range will throw off most anyone who is trying to bait your smoke bomb, and the 1 point in duration means you do not need to throw the smoke while already building focus to actually get the focus. Lastly, the ***probable*** best craft for any team mode is 1 point into cooldown reduction, and 1 point into duration. 1 point in cooldown coupled with overall cooldowns gives you a 45 second cooldown smoke bomb, coupled with the fact that it lasts 3.5 seconds instead of 3 means you can definitely increase your bonus from your Approach Meter while building focus on a kill. The 3.5 second duration also lets you get 2 stuns and run while other pursuers cough. In a non duration crafted smoke, you would get 2 stuns then die.
In short, all these buffs to smoke bomb make it An ability that depends on the skill of the person using it.
To sum up everything into one or two sentences;
Smoke bomb is and stays good the better the person using it is and gets, where as Disguise is bad and gets worse depending on how good the person using it's opponents are and get.
Therefore -> Smoke is good at all levels of play.
And -> Disguise may be good while the people you are playing against are still fooled by it, but drop it once you prestige and start playing against other people who have prestiged.