Ponting had a reasonable time being 'groomed' into captaincy role under Waugh and had to take mantle at only 29 or something. Even then he had some of the world's best resources at his disposal, everything was in place for him to succeed, and he did, till the greats walked into the sunset. This was his greatest opportunity to mark his name as a cricketer maker, but unfortunately he was found to be less than adequate for the task. Australia even after 3 years are struggling to claw back to the top echelon, and the last two series victories prove nothing as the opposition was so dire.
Smith on the other hand, was thrust into captaincy at an incredibly young age of 22, had almost an initiation period as Ponting's average innings duration in India, and had to take charge of a team that had lost Donald and boasted of a past prime Pollock. He indeed fumbled initially but alongwith the years has matured into a captain who commands respect from his mates. He has 'developed' guys like Steyn, Morkel, AB and his faith in less heralded guys like Harris has paid off as well. I would hence not hesitate a breath to place Smith ahead of Ponting.
As to who was the better cricketer, Ponting by a mile.