It's from this link...http://trac.jackaudio.org/wiki/Q_differenc_jack1_jack2SMP support is not always as valuable as you would think. If your applications are chained INPUT --> A --> B --> C --> OUTPUT, then it will not be able to utilize multiple processors. However, if you applications are independently generating audio to the OUTPUT, that is when "parallel" sub-graph exist in the global graph, then they can be.
What would be an example of this? Does this mean if I am say running Ardour, Hydrogen, and Qsynth all at the same time with their signals being fed to multiple outputs SMP would come into play and this would be parallel? Thus necessitating Jack2 over Jack1?