SMP has been a good program for my DS -- there have been several nail biting moments -- but all in all he'd do it again.
I'm glad you are talking with the ROO and liasions for NG at your school of choice - DS followed this path also. Most of what they told him was accurate, but they up front told him they could not guarantee his unit placement - perhaps that is just how Ohio does things, each state will have differences. DS's contract allows him to accept NG tuition assistance and still have the option of AD, Ohio changed that policy Spring of 2012 that you cannot take tuition assitance and go AD without incurring repayment. Make sure they spell that out for you in BOLD letters. A big thing that changed from when he joined the NG and his actual contracting, was the limited number of contracts his school had to offer. The draw down in military led to a decrease that his ROO/recruiter could not have prepared him for - instead of pretty much being a guaranteed contract he had to compete with 35-40 other SMP hopefuls for roughly 15 contracts. An internal OML was established and fortunately he proved himself and was awarded one this fall. Make sure they spell out how many SMP contracts they have, how many recruits and how they will handle "walk ons" to AROTC in the contract process. Yes, the financial support from the NG has afforded my son his dream school, but without the contract he doesn't earn the dream of becoming an Army officer.
DS is assigned to a unit preparing to deploy in Spring 2014 so he gets the opportunity to see the process of getting everything together. Currently he is shadowing the Co. XO and in late summer will switch to shadow a PL. Since he and 4 other SMP cadets cannot deploy they are being prepared to be left in charge of the rear detachment(approx 30-35 people). He feels very fortunate to have a wide variety of opportunites to watch, learn and practice the role of an officer. It doesn't hurt that now the enlisted call him "sir"
I guess military courtesy requires this, personally, I think its a little over the top
He has run into a few time management issues -- exams seem to always start the Monday after drill, and no, they do not allow you time to study. Luckily, he's doing very well academically and fits this into his study plans. His school ROTC also has a large percentage of SMP and does work around that obligation when scheduling FTXs and PT tests. Its nice that they take into account their cadets NG responsibilities.
Also, remember, just as a scholarship cadet can have their contract revoked and face significant penalties, so can a SMP cadet. DS had a brush with this in December(a month after contracting) luckily, it was resolved and his contract is safe. Nail bitting moments will be ongoing until the Army safely pins those bars on at his commissioning ceremony
Keep doing your research - be patient with the Jan and Mar AROTC board results - once you raise that right hand you belong to the NG, SMP or not.