He can still get 37% off of some options. However, a character doesn't just need one high damage combo off of one option. A character needs high all-around abare, and the nerf really messes that up. His one big selling point - huge damage off of j.k OS air throw - will be completely gone after the patch, and there will be no way to get that damage back up.
It's going to be a harsh nerf for sure. We'll see how harsh soon, but since Smoke was already not really a top character, I think it's going to push him down squarely into the realm of mediocrity.