I'm not sure if you're talking about LightWave, as there is no operation called "Smooth Bevel". However, there IS a "Smooth Shift" operation, which DOES bevel polygons smoothly, so I guess that's what you were referring to. And yes, it's a great tool.
Generally, you can select multiple polygons, activate Smooth Shift to duplicate them, and then drag them out easily.
"Stephen Wolfram is the creator of Mathematica and is widely regarded as the most important innovator in scientific and technical computing today." - Stephen Wolfram
Im not sure, I been trying to figure it out. The answer is infront of me, but I cant see it :P. I think it is just a good Bevel for multi Polys
ADDED: Well I found out how to use it, for some reason my LW was all messed up and I reinstalled, it takes multi Polys and bevels them as it they were 1 polygon but still keeping them their own polygon.