That seems to work:
# smart upgrade --dump
Loading cache...
Updating cache...               ######################################## [100%]

Computing transaction...

gcompris-7.2-0.pm.1@i586
alsa-firmware-1.0.10-0.pm.0@noarch
imlib2-loaders-1.2.1-0.pm.0@i586
mad-0.15.1b-1.pm.0@i586


But I'm confused about the output.  I would expect only package names, but 
apparently this is not the case.  Does this not give problems when smart will
be using this output to re-install the same packages again (for whatever,
could be a crashes smart or whatever)...
I'm thinking of this command:
# smart install $(smart upgrade --dump)

That starts nice, but it does not continue:
# smart install $(smart upgrade --dump)
gcompris-7.2-0.pm.1@i586
alsa-firmware-1.0.10-0.pm.0@noarch
imlib2-loaders-1.2.1-0.pm.0@i586
mad-0.15.1b-1.pm.0@i586
sane-1.0.17-0.pm.0@i586
freeciv-2.0.7-1.pm.1@i586
k3b-0.12.10-3.pm.0@i586
kipi-plugins-0.1.0_0.1-1.pm.1@i586
gthumb-2.6.8-2.guru.suse100@i686
alsa-1.0.10-0.pm.1@i586
mplayerplug-in-3.17-0.pm.0@i586
rar-3.5.1-0.pm.1@i586
libvorbis-1.1.1-0.pm.0@i586
powersave-0.11.5-1.pm.1@i586
libxine1-1.1.1-0.pm.2@i586
alsa-tools-1.0.10-0.pm.0@i586
perl-Cyrus-IMAP-2.2.12-14.kolab.0@i586
imlib2-1.2.1-0.pm.0@i586
libvorbis-devel-1.1.1-0.pm.0@i586
speex-1.1.11.1-0.pm.0@i586
alsa-devel-1.0.10-0.pm.1@i586
assetml-flags-1.10-0.pm.1@i586
Loading cache...
Updating cache...               ######################################## [100%]

error: 'Loading' matches no packages. Suggestions:
error:     loadlin-1.6c-235@i586




A sidestep, what about this output:
# smart install --explain rar-3.5.1-0.pm.1@i586
Loading cache...
Updating cache...               ######################################## [100%]

Computing transaction...

Upgrading packages (1):
  rar-3.5.1-0.pm.1@i586
    Upgrades:
      unrar-3.5.2-2@i586 (upgraded)
    Conflicts:
      unrar-3.5.2-2@i586 (upgraded)

689.8kB of package files are needed. 1.2MB will be used.


Looks confusing to me as user..., does it conflict or upgrade the packages?