phpSmug 1.1.1, which adds support for rev 1.2.1 of the API, is now available.
At the moment, it only officially implements those methods detailed at http://dgrin.com/showthread.php?t=71887.
The code is in place for ALL of the functions listed on the wiki, however some of the methods haven't been implemented in the API itself, so I've not tested these, so can't be sure they'll return the correct data. At the moment, these methods are commented out and will return "Not implemented in API yet".
I'll update phpSmug 1.1.x as these methods become available.