It seems there is a lot of confusion about what this actually does. We're talking about RAM, albeit an area not normally accessible outside the BIOS, so it's not more resilient than anything else hiding in RAM. The BIOS writes code into the SMRAM at reboot, so even if the RAM isn't cleared, it's overwritten.
This is unrelated to flashing the BIOS, unless there is some special protection that allows this only to happen in SMM, and normal exploits that manage to flash the BIOS would leave you pretty screwed, SMRAM-exploit or not.
Also, it needs to trigger a SMI to execute the code, so it would need to insert a vector somewhere at a lower level if the exploit code were ever to get executed. I don't see the big deal.
What does surprise me though is that Intel has made such an obvious mistake in their design. It compares to allowing a user mode app to poison the cache on some kernel memory address. The difference is, of course, that user mode is under MMU and access protection, while ring 0 (from where this attack would normally be launched) is not.
At any rate, at least root access (on Linux; more on Windows) is needed, at which point, as several people have pointed out, you're screwed to begin with. Only the ability to hide a bit better in memory (but not on disk) seems to be an advantage.