Well, ummm, not exactly. I mean, it has it's moments, but much of it sounds like a bunch of kids high on pot messin' around in a basement studio Pet Sounds was the Beach Boys and Brian in particular at their creative peak. If you're diggin' Pet Sounds, you're diggin' their best, IMHO.
The obvious high point of Smile is Good Vibrations (of course it had a lot of production costs to get it to sound that way).
Heroes and Villians is also good. I've heard Smiley Smile and Wild Honey but find them to be mixed bags.
The Wondermints backed up Brian Wilson on his Pet Sounds live tour in 2001. I believe they backed him up for the live Smile concerts in England (I know that the drummer was the same, I ran into someone who's in another band with that drummer while I was at SXSW in Austin).
Sounds like this will be a newly recorded album (and it has been reapproached, what people have heard on countless bootlegs are scraps of songs).
I credit Brian with Pet Sounds. The rest of the group wasn't happy with the album, and most of the instrumentals were recorded by session musicians while the rest of the band was on tour.
Brian was just nice enough to let the guys sing instead of breaking up the band and going solo. He needed the rest of the band only because touring was a big part of marketing at the time.
Musket, are you sure you aren't confusing SMiLE with Smiley Smile? SMiLE was done with the same musicians that did Pet Sounds. Also, BW has been warming back up the last six years or so. Did you see his Pet Sounds tour with orchestra? Second best show of my life (behind McCartney).