Good question and honestly, it's a tricky one. I think the best answer I could give is that Lane Smite only works on certain conditions.
- Toplane: Certain Tanks like Tahm Kench & Sion can make exceptional use of Cinderhulk's 15% Bonus HP. Tahm using it since his Passive Damage scales on HP & Sion can use it with the Demolish Rune.
Hypothetically, you could run it on Cho'Gath since his Ulti scales off HP as well as AP. However I'm sure Cho would rather buy other items over Cinderhulk.
- Mid: This is kinda strange, but I can understand it somewhat. Runic Echoes is essentially Ludens Echo, except it lacks Luden's AP/Additional 10%CDR. The upside to getting it is that it's MUCH cheaper than Luden's & you have Runic Echoes Mana Restore passive (procc'ing Runic Echoes on a monster camp restores a percentage of missing mana).
I actually tried running Summoner Spellbook (took smite at champion select) on Malzahar once. Didn't win, but I did hold my own Early to Mid game just fine.