I bought both of these palettes online a few weeks ago, and they both arrived on the same day last week. I didn't realize when I ordered them that they are so similar! I probably didn't need both, but I did like certain things about both.
Dangerous comes in a black, zipped, vinyl case and includes 6 shades and a mini Lip Junkie in Naked. Included are the colours Gravity, Loaded, Evidence, Deeper, Mushroom and Ace. Each one is soft and deeply pigmented. I can tell there will be fallout when using it on my eyes as it was quite messy while swatching!
The Smoked palette includes 10 shades, a full sized 24/7 Glide-On Eye Pencil in Perversion, a travel-sized Eyeshadow Primer Potion and a 27 paged Look Book. This palette also comes in a zipped case, though not vinyl. As you can see from the pictures, the eye shadows are very similar to Dangerous. Actually, 3 of the shadows are the SAME. In this palette we have Kinky, Freestyle, Mushroom, Backdoor, Blackout, Barlust, Rockstar, Evidence, Loaded and Asphalt. Mushroom, Evidence and Loaded are in both palettes. The shadows for the Smoked palette are of the same quality, though Smoked contains 4 matte shades and Dangerous has no matte shades.
Here's swatches of Dangerous:
I think that if I were only to buy one of these palettes, I would buy Smoked. For $18 more, you get 4 extra eye shadows, a full sized 24/7 Glide-On Eye Pencil that normally retails for $23 and a mini Primer Potion. I do however, wish that the Smoked palette contained a shimmery highlighter, but then Dangerous doesn't contain any highlight shades at all! Dangerous does however have the beautiful purple shade, Gravity, so I'm glad I have both. :)
The Urban Decay Dangerous Palette is $40 CAD at Sephora, and the Urban Decay Smoked Eyeshadow Palette is $58 at Sephora.
Thanks for reading!