This app is loosing it's looks with age. Version1 was pretty, with a nice simple UI, and easy to use prefs. This new version has hideous icons, far too many windows and the most confusing prefs I've ever used (I persevered with them, as I needed to use a new phone that v1 didn't support).
I've culled most of prefs, as I couldn't work out what they did - now it does everything I need though, so it's all OK. It was just a nightmare to set up.
For SMS this is great - I hate texting at the best of times, so this app makes things as easy as email. The notifications are great as well - a bit like Growl, but with the options to 'reply', 'trash', etc.
I've looked at things like FoneLink, but they are far too bulky compared to this (FoneLink does most of what BluePhoneElite does, but also does a lot more if you need it all). For speed and easy menu bar access I'm still loving BPE though. (FoneLink has the looks though)
In conclusion - a great app, spoiled a bit in it's new guise.