First off, Cinderhulk is only 71.4% gold efficient and gains 4.8% efficieny for every extra 100 health you receive from items aside from itself. In short, you need 600 hp from your other items in order for Cinderhulk to be worth it, much more than that if you want it to out-class Warmog's. However, there are good reasons for using smite as a laner, not the least of which is the fact you can reduce ALL the damage your opponent does to you by 20%, on a 15 second cool down. In a solo lane, the ability to duel is very important.
Long story short, when the new jungler items were released I began using Challenging smite/Cinderhulk in place of Warmog's on my tanks/tanky champions in matchups where the enemy laner had the upper hand/loads of burst. In fact, using Challenging smite with teleport would be a good option on any split-pusher with good escapes... Tryndamere/Jax. I wouldn't give up teleport for smite though, that is straight retarded.