I love the Smart Guides in Adobe Illustrator. They makes life much easier when selecting and constructing artwork. But they can be a real pain when trying to make small edits using the pen tool, as the handles and anchors can keep snapping to the Smart Guide constraints instead of where I actually want them to go. The only solution is to keep switching the Smart Guides on and off as I edit (the construction guides are too useful to be disabled in the Smart Guide preferences).
I really wish there was a modifier key that would temporarily disable the Smart Guide snapping, like the Ctrl key in Photoshop. This would make life much easier; fingers crossed for CS3.