Quote Originally Posted by Mr. Vteckidd
yes could be. Too rough of a hone can cause to much wear on the rings which means they dont seal.

but smoke like he is describing, usually its Oil Control rings or obliterated Valve Stem Seals.

but he says there is no oil consumption. If its smoking even while you beat the shit out of it, but the oil never goes down on the dipstick, then i wouldnt worry about it.
For the most part you are correct about not worring about it. But there is one thing to be worried about. ANY oil caught in the combustion chamber will lower the octane of the fuel and cause pre-detonation (knock).

Can your car log knock? or timming for that matter? I would make sure to watch at least one of those.