Good debate and thanks for the positive responses to my initial post. In my opinion once an organisation has set up a SMS based on it's operational requirements, it should run like clock work provided that all personel have the opportunity to provide input without the fear of retribution if they accidentally mess up.
Interms of dedicated SMS Managers, the positions could be carried out by a person internally or externally, with the later probably being the better option in some cases i.e. cold eyes oversight on the operation.
I'm sure it's only a matter of time before small GA operators will be required by regulation to implement a SMS, and yes CASA and the natural resource companies look favourably on a good working SMS.