Is “Code Smell” still a useful metaphor, or has misuse of the term subverted its meaning?

I've come across some comments (E.g.: here, here, here, here & here) over the last couple of years that decry the use of the phrase "Code Smell" and I've been wondering what the reasoning is for those who dislike it.  I first encountered this term when I read Martin Fowler's Refactoring book back in 2000, yet it's only in the last year or two that I've heard any complaint about the use of the phrase.

I asked this same question on Programmers.SE recently, and then went on to answer my own question.  I'll admit to a little narcissistic pleasure in having written my own answer. So much so that I thought the topic would make a good blog article! :-P