Keni
What is the tool at the bottom section of the leading edge of the clip? Something related to a mutual adjust of selected clips? I still don't have this one down but on occasion it has been handy... ;-)

I think that the Smart tool has been extended in recent X3 versions so that if you hover the mouse near the bottom of a clip in a take lane, you get the "crossfade" tool, but if you hover it near the center of the clip edge, you get the normal "resize clip" tool.
 
I don't find the need to switch between "Smart" and "Edit" tool mode.
 
The functionality of layers is definitely closer/more accessible than it used to be in X3a.
 

stickman393
I don't find the need to switch between "Smart" and "Edit" tool mode.

The edit tool allows more control over cross fades than the smart tool, such as allowing overlapping clips and changing the fade types.  If you don't need to do these edits then the smart tool is fine.  But good to know the edit tool is there when you do want more flexibility.

I have overlapping clips frequently and still work with the smart tool by itself...

The functionality of Lanes has improved to the point where I could be happy with it if they could fix some of the view related issues... Losing the ability to see all the layers within a track's boundaries is a serious limitation to me... As are the zoom issues... If they could resolve these issues I could forget that we once liked layers better...

Keni

Same here: the Smart Tool works well for me for general editing (vs comping) unless as Neirbod mentioned the fade type needs to be adjusted - but that's rare for my purposes.  It's all about clip > cursor placement...
 

Keni
I have overlapping clips frequently and still work with the smart tool by itself...

Interesting. Did not think this was possible with the smart tool.  Whenever I edit clips with smart tool any overlapping clips are cropped.  I must be hovering over the wrong section of the clip and getting the wrong tool.  

Anderton
Here are some things you CAN'T do with Take Lanes (at least I haven't figured out how):
 

• Create a clip Region FX and apply Melodyne. Workaround: Drag the clip into a standard track, apply Melodyne, then drag back into the Layer.

As this is an old, pre-Platinum  post, the shortcoming might be history, but FWIW, in Platinum (Hopkinton) you most certainly can. Just select the clip with the smart tool and press Control + m.  Or select the clip, right click, choose Region effects / Melodyne.