I always thought SmashLab was Discovery's rebound show after Mythbusters finishes out the rest of its life on television. I for whatever reason thought I head a rumor that Adam and Jamie were finished with the show...
But yes, quite frankly the bar is already set really high for this kind of program and they're not on par. They've got a lot of reworking and revamping to do, if they didn't already blow their chance at making another Mythbusters quality show.
But I've got to be honest, I get all the explosions I could ever care to watch out of Mythbusters. It's actually quite nice like that, because Adam and Jamie didn't whore out explosions which made each one seem rather unique and interesting.