Good points Bum-bling-B and ForestAcademy. Both Scanguage and Ecometer (and Kiwi I suppose) have their purposes. I chose the Ecometer because it is easy to install and nicely displays what I need it to without compromising on dashboard real estate and aesthetics (at least not that much) without hacking into my car. So here are the details and pics.
Turns out the Smart needs some callibration, as it apparently does not broadcast the size of the engine over the OBDII. The reason my ecometer was displaying an average of 10mpg was because it thought I was using a 4 litre engine! To correct this, hold the right button while plugging it into the OBD II port. It will display the engine size (4.0) and you can then press the right button over and over again until it cycles past 12 and then go up to 1.0. Then push the left button and wait for it to say EFF. Then push the left button again and you should be set. You can redo the steps and set efficiency after seeing the EFF code to increase or decrease after looking at a full gas tank's mileage compared to your average mileage for that tank as displayed on the device.
Below are some pics of the various modes. Sorry some of them are a bit blurry. I had low light and I was trying to hold a DSLR camera in Av mode (no flash) while driving
Average MPG mode after my first drive around the block
MPH MODE (sorry its so dark--it says "19.3")
Instant MPG Mode (while going down a hill with my foot off the gas)
RPM Mode (it read 3.14 for 3140 RPM. Look to the tach pod above for accuracy)
And now some photos on how to fish the wire with no hacking, cutting, attaching, taping, or fastening. The gauge comes with its own 3M industrial-velcro-like sticky fastener which as held up quite well so far. The rest is quick and dirty but it works for now.
Putting the wire behind the steering column hides it nicely
Then fish it over the back of the left cubby
Then down to where there is a screw in the bottom-left part of the fabric part. This screw can be removed and the wire fished behind it. Re-attach the screw and the wire fits snugly and does not have to be attached anywhere. It will be pretty taught when plugged into the OBDII so it does not dangle below the dash or get caught on your feet.