Main difference of 8033s EQ compared to the SMS-1 is the algorithm of automatic calibration, which has very different approach that takes advantage of the new Anti-Mode technology.
In numbers, 8033 has improved frequency resolution, it has computation power to compute 3 times more parametric filters and the calibration is processed iteratively in 4 phases (which contributes a lot to the quality the results made by automatic EQ.). 8033 also has multi-point algorithm which uses smarter-than-average cost-functions. SMS-1 has some benefits like remote controller, cross-over and more options to colorize the sound with own EQ settings, but it is also more expensive.
The filters are a bit different between these two. Anti-Mode 8033 uses new Anti-Modal oscillation filters which are custom designed in z-domain. This z-domain of is virtually non-restricted for the AM filters, which means that accuracy of even a single AMF is better on average than accuracy of tunable bi-quad (Q-value, center frequency, damping, phase angle etc.). This results in less modal post-ringing, which would happen if the exact center frequencies (and anti-Q values) are not met, and flatter result in power response. In short, SMS-1 is not able to make steep enough corrections in some cases because of the sparse spectral resolution and too limited tuning parameters of PEQs.
DC-block on 8033 is tighter, so A/D D/A converter response of 8033 reaches lower limits (-3dB at 5Hz for flat setting). This means it can be used also with ultra low reproducing subs, where SMS-1 can't. For average subs this has no meaning. To get best results with SMS-1, manual tuning with computer and REW is required. This is because even SMS-1 has the ability to plot the response to TV, it is way too smoothed to be used effectively for finer tuning.
Finally the decision is up to what it is you are exactly looking for the most, cross-over with some kind of EQ abilities that can (needs) to be tuned manually, or more precise auto-EQ. The price range is also different, 8033 costing about 200$ less.
