smooth all the way,most orange peel reflectors I have encountered are rubbish.
SMO is great. I like to see the perfect ring beam :X
LOP- Light Orange Peel for me.
Here's a few from my Olight SR51 OP reflector. Like I said had I not owned it, I would swear by the smooth reflector.
70yds
200yds
Normally, I'd say smooth if truly bright and clean if the other components are up to producing a clean beam. I'd rather have that and the option of swapping in a different lens.
But I guess if the other components are too much, then the OP makes sense as a budget alternative.
200 yards . . . holy heaven and hell, that is a lot of light thrown one hell of a long ways. Seriously; does anybody here have the thrower collection ILF does?
ithinknotFoy
I picked SMO just because VLOP was not a choice. But Very Light Orange Peel reflectors are my favorite; nice throw with just enough OP to take the ringy-ness out of it.
OP would cover all flavors of OP reflectors, VLOP included 
In that case I still vote for SMO
I think the choice is obvious since you can make a smo an orange peel reflector but you can't make a OP smo.
But there are too many variables to make a blanket statement
So I will :) Smo because everyone loves the mirror like finish it makes a light look more expensive and beautiful
I would quote Foy and ILF sentences 
Myself untill some months ago I was convinced that SMO=throw and OP=flood, but then I got the OP SR51 that throws beautifully, and also SMO TK35 and V60C that have perfect beams without rings or other artifacts, and all three are well usable beams both for walking in the woods and searching in the distance.
So I'd say it depends, but a high quality reflector with a well coupled emitter are not going to make me complain if SMO or OP 
On the other hand I also have a LMP MiniDV, which in stock form with OP is a flood-only flashlight, and with the optional SMO head becomes quite throwy (but underdriven pill, so no lumen monster) at the expence of lot of rings and artifacts.
Depends...
That light will fool you since it is a light that is often overlooked as a thrower. But I can tell you regardless of what the numbers are given to this light in the reviews it will hold its own. I would have to put it in my top 5 throwers. I honestly believe it will out throw the Catapult V3. It's probably just a tad behind the TK41.
You be the judge. It's a close call.
Fenix TK41 200yds
ILIKE, I love my TK41, but that is not what my TK's beam looks like at 200 yards.
Then I saw that you took it as a 3-second exposure at wide open f2.8. To the naked eye it would never look that good at 200 yards. Glad I figured that out before I ran out and bought the Olight based on that first beamshot!
Well that's about what I see with my eye.
An that pool isn't what I am talking about being 200yds but rather the trees in the woods behind that last electric pole. It's pitch black here. And again that sample is pretty damn close to what I see.
LOL
That beam looks like a 747-400 on glide path at McCarran. Guess I need to take another look at the TK41.
daymFoy
For P60s and smaller single emitter reflector, I always prefer Textured reflector.
For bigger size, or multi-LED, generally Smooth reflector.
ok, not to be a jerk, but (it comes naturally) - I prefer no reflector....ie aspheric - not necessarily flood to throw
smooth light up close (no hotspot), or throw w/o spill