Smulyan is the guy who almost destroyed the Seattle Mariners. By the time he gave up control, the team was on life support and a serious relocation candidate. Smulyan said that it was the market, and not his fault. He was wrong.
Smulyan's biggest failure, IMHO, was his unwillingness to spend money to make money. He saw the revenue streams that the team generated with minimal effort on ownership's part, and decided to live within those revenues. He failed to market the team agressively, or spend money on the chance of improving the team on the field (thereby improving revenues, giving him even more money to spend on the team, etc).
With Smulyan at the helm of the Nats, I'd expect uninspired marketing, minimal fighting over the boradcast rights fiasco, and a payroll in the lower third of all MLB.
Scot.