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The trap will not take away the smoke unless the smoke is actually water vapor. All the trap will do is collect your entrained oil so that it doesn't drip in your driveway. I built a monster trap for mine this spring, and you can see my setup in my gallery ( https://www.ford-trucks.com/user_gal...?userid=370090 ), but I still get smoke... it just doesn't drip.
It seems that the exhaust approach has been met with mixed results. The most successful ones have been based on using a 45° bung that extends into the exhaust pipe and points in the exhaust direction towards the rear, which lets the exhaust flowing past it "induce" a draft on the CCV bung to keep from pressurizing the crank case. I don't think anyone has reported tail pipe drips who have done that.
Aside from that, though, there are some who feel that although this seems to work well at idle, there is a chance that under a real load that the exhaust may actually sometimes create a positive pressure in teh crank case through this connection.
However, to my knowledge, no one has yet provided actual pressure data either supporting or disproving this potential, so I really don't know for sure myself.
Personally, I can live with the separate hose discharge and then just drain my trap at my own leisure.
As for odor, I have noticed more CCV odor since I changed over from Amsoil to the Schaeffer oil I have running now, so I think the amount of odor differs with which oil you're running.
Concerning the amount of smoking you get, I have found that it depends to some degree on back pressure on the CCV line. Before I built my "monster trap", my smaller trap had a lot of scotch brite pad material to help condense the vapors. I forgot to put it in my bigger trap and immediately saw much more smoke coming from the tube when I started it up. I have since put one small piece of scotch brite material in teh discharge line from the trap, but it hasn't reduced the smoke at all, and I also have not caught as much oil vapor in the trap, which just may be more due to the hotter seasonal temperatures since then (too many variables changing at once to know for sure -YET). I'm planning on putting more "scotch brite condensing surface area" material inside the trap before long, and it will soon be cooling off again, so I will be able to see and learn some more this winter about which variables affect which symptoms.