There are new names for the visas granted after SMC since November 2010. They are either Residence, or Skilled Migrant Category Job Search Visa (SMC JSV). (The WTR you see mentioned in regulations now is nothing to do with SMC.)
SMC JSV gives you the right to go to NZ and find a skilled job. It's also called 'deferred Residence', because, as soon as you get the offer of a skilled job, your Residence (and that of anyone else on your application), which has been waiting for you, is activated.
SM21.15 Grant of a resident visa following deferral
Where an immigration officer is satisfied that a principal applicant has obtained an offer of skilled employment in New Zealand, during the deferral period, the principal applicant will be assessed as having demonstrated an ability to settle in and contribute to New Zealand and will have their application for a resident visa under the Skilled Migrant Category approved; and
a resident visa subject to the conditions set out at SM4.30, will be granted if the principal applicant has been working in that skilled employment for less than three months; or
a resident visa not subject to conditions will be granted if the principal applicant has been working in their skilled employment for three months or more.
If, on the expiry of the deferral period (see SM21.10(c)), a principal applicant has not provided evidence that satisfies an immigration officer that they have obtained an offer of skilled employment in New Zealand, the principal applicant will be assessed as not having demonstrated that they can realise their potential to successfully settle in and contribute to New Zealand and the application for a resident visa under the Skilled Migrant Category will be declined.
http://www.immigration.govt.nz/opsmanual/
So if you have had interest shown in you by NZ employers, you could arrive in NZ telling them that you can now start straight away (the SMC JSV gives you that right). How much of a risk you feel it is rather depends on what contacts you have already had in NZ.