We're not using LOG(SMF) yet, but one thing SMF logging gives you is the ability to have all security events pass through the SMF exits - including vendor supplied exits. These exits can do lots of cool things. We're currently looking at the "CorreLog" product which will capture events (including security events) using the SMF exits and send then to ARCSITE(*).
Sorry if this is a little off topic.
- Don
(*) ARCSITE, for those who don't know [including me until recently] is a product/server that collects and correlates the logs (they call them the SYSLOG - not to be confused with the zOS SYSLOG) from multiple Open Systems platforms into one place. Aparently we've been using ARCSITE here for quite some time.