Jungle items require smite, correct? And Summoner Specialist allows you to change your summoner spells, so:
Velociraptured1 votesIs this really going to be a thing? These people are on hard fucking drugs I swear.
HaIlMonitor1 votesIf you have/are cho it would make sense. His ult is what 40 seconds and objectives are every 5+ in late game so he could take trade smite for ghost.
WoonStruck1 votesFrom what Riot stated with their introduction, swapping smite out for something else will let you keep the item and its properties, but you will not be able to smite, so the smite portion is wasted.
TBH, the only ones worth keeping, ignoring smite, are bloodrazor and cinderhulk for specific champions/builds.
--->Use varies in on-hit builds. Other AS options may be better, depending on the build/champ if not smiting.
--->Use varies in HP-based builds. 
or 
might be better for pure HP purposes (burn not valued) if not smiting.
--->
Absolutely no reason not to switch if you aren't smiting.
---->
Absolutely no reason not to switch if you aren't smiting.
TotalJerk1 votesThe reason not to switch is the gold lost from selling the item. Another you're probably not considering though is that
WoonStruck1 votesNone of those are factors after the point when you'd be looking to swap out smite.