Most junglers can still run the normal buff-wolves-buff route if they choose to do so. Starting at a small camp and smiting it for the buff is just another way to start. Most of the time, as long a you can get through the buff-wolves-buff route with 1/2 - 2/3 health and a pot or two, you are well set up for clearing most of the jungle before you back. In that case, it all depends on how well you can run each route.
Personally, I do the buff-wolves-buff route almost all of the time, as long as I get a good leash. With the new jungle's difficulty increase, you're gonna most likely get a leash from one or more of your laners, and as long as you aren't playing a jungler who requires you to get either red or blue first, I'd take a leash from bot no matter which side I start.