Yes, it creates a strong, fairly unpleasant smell that takes awhile to get our of your house.
Also, it takes alot of fat to make a decent quantity of lard.
The funny thing is that your local kill floor butcher processes about 50 pigs a week for customers. Most customers refuse the lard and organ meats anymore when they pick up their processed pig. The butchers will give it to you for about .30 cents per pound just so they can make room in their walk-in cooler.