Staticchaos That site isn't awful. In my opinion I like Wattpad a bit more, and you can receive feedback as you are writing chapters. When the story is done it's up to you if the book remains online. I have seen several authors keep a synopsis up and leave a link or information where to find the book elsewhere up after it is finished. The books were currently listed as under kindle unlimited where i found it, however I have known more than a few authors to get published and start careers off wattpad. I'm not sure that smashwords is the best for exposure , but as far as the internet goes, listing your book on multiple sites couldn't hurt their sales any. As far as google goes, both wattpad and smashwords are considered PR6 class websites, so it's not a bad spot to put up a link/advertisement. The thing is not all PR6 websites are equal. In this case wattpad has about 1,300,000 unique visitors daily and smashwords about 76,000. In otherwords smashwords is only 6 percent as popular. It might not hurt, but as far as your time spent and drawing in a fan base. I'd select wattpad. I use http://webstatvalue.com/ for comparing different websites. It's similar to what alexa used to be.
Gunjan What I have seen is that a lot of writers have their books on smashwords. So I guess it wouldn't hurt to do so. Even if one person rates or reviews your book, it will be one more person who likes your book. It might cause a ripple effect and spread. You might never know.