I've never found SMART to be very useful. Usually when you've got a drive you know is failing even the manufacturer's own diagnostic will report the SMART data as okay. Run a full scan and all the bad sectors are detected.
No harm in monitoring it if you want to, but I wouldn't trust it. I'd rather rely on regular backups of anything important and occasionally running the manufacturer's full diagnostic.
Temperature and pending sector information is very useful.
Why are four of my drives running hotter than the others? Fan failure?
Why is one of the drives in my RAID array racking up a large number of pending sectors, is it time to change the drive?
Hard Disk Sentinel can schedule self-tests.