Version: 1.1 Like trackbacks, but not -- this plugin searches and displays content related to your CONTENT, not just posts that link to yours.
No. Trackbacks are specifically meant to show relationships between posts, they do not care about the CONTENT of posts. SMIRC shows your users what the blogosphere is saying about the content in your post/page, not just the URL. Suppose you're an artist, and you created a painting and posted a page about it. Links to that page are not as important as people discussing your painting. SMIRC will allow you and your readers to follow those external discussions as simply as if they took place on your own blog.
Edit SMIRC's settings and use the "Keyword" to add whatever you like.
We (my company, EVB, where I am Director of Technology) needed to add external-but-related-content to a WordPress-powered site, and decided to build this plugin and release to the community.