The real differentiator for me is the shunt size and integration. BMV-712's a proper traditional monitor—wider shunt means it handles high current spikes better if you've got beefy inverters or charging setups running simultaneously.
SmartShunt's compact, which is brilliant for space-constrained builds (garden offices, vans), but you need to be honest about your peak loads. If you're regularly pulling 200A+ through a single circuit, the smaller shunt can get warm.
What @RetiredSquaddie and others haven't mentioned: the Bluetooth ecosystem. SmartShunt integrates seamlessly into Victron's whole system if you're eventually adding Multiplus or MPPT gear. BMV-712's still reliable but feels more standalone.
My setup's a 5kW garden office with mixed loads. I went BMV-712 because I wanted headroom for future expansion without rewiring the shunt. If I'd stayed minimal, SmartShunt would've done the job fine and saved me the cable runs.
Check your actual peak current draw—that's your answer really.