I use it on Mao'Kai. I wish the wards lasted a bit longer like scale with level or something.
You're only gimping yourself depending on the champion. Mao'Kai already has a bunch of CC and point click engage so I don't need blue smite. Red smite would make me tankier but I don't really need that extra tankyness. So I would rather have wards.
If I'm playing Kindred, warding would be nice but I would rather be able to kite better with blue smite or invade and duel with red smite cause you auto attack a lot.
For Nidalee, wards are nice because Nidalee is so mobile. You don't need blue smite to kite because so mobile. You don't need red smite because you're not in a fight for that long. Wards make your invades easier.
For fiddlestick you would not take red smite at all because you rarely auto attack, only take it if you're really scared of one enemy champion close range damage. Blue smite is great because it can help you position with your ult. You don't really ward that much on fiddlestick.
For Rek'Sai blue smite will help with ganks a lot because she only has her E dash. It will help you stay on your target after you knock them up. You could also go red smite if you want so you can duel, new rek'sai duels better now supposedly. You don't need wards that much.
On Zac I would take ward smite because he already has a ton of CC and doesn't really need red smite because he mostly uses his W for damage. You can ward up for your team and stuff, as a tank you don't need to worry about damage that much.