The way I understand DAT and SMAT is like this:
DAT: DAT (Diminishing Abrasive Technology) abrasives start as clusters of smaller abrasive particles. Under heat and pressure, the clusters break down into their smaller abrasive particles, the heat and pressure coming from the pad oscillating and/or rotating on the paint surface. The clusters, before breaking down, act as larger abrasive particles, and so cut faster. You must continue to work the DAT abrasives until after they have broken down, or the paint surface will look hazy, because the clusters are acting as if they were much coarser grit. After the clusters do break down, they act as a much finer grit, so the paint finish will look better. The abrasive will have some lubricants and oils in it to allow for the pad, clusters and particles to slide around.
SMAT: SMAT (Sub-Micron Abrasive Technology) only has the small abrasive particles. The particles are very small (hence, sub micron) but there are a lot of them per unit of volume, so they can cut, even though they are very small. They have oils/lubricants as well, for the same reason as there is for the DAT abrasives. The major difference is that SMAT compounds/polishes don`t need to be worked to any particular point; the abrasive action is the same from the time you start until they start to dry out. There is no set limit on how early or how late you can stop working the compound/polish, because the paint finish will look the same with 2 passes as it will with 8; you only have to judge if you are happy with the correction provided.
There are good products of each type, and if used properly, both can produce excellent results. The only thing that has to be kept in mind is that DAT products will need to be worked until the clusters break down, and then a couple of passes more.