Hi,
No it's not.
There are several limitations to the joomla smart search which make us hesitant to support it.
First indexation eats a lot of resources with the current implementation and it can severely hinder your website performances. With several thousands of products (where smart search is useful) indexed plus your articles, categories, brands, etc, it might not be possible to even run it on your website.
Second, there is no solution yet for languages without spaces like Japanese or Chinese and the "did you mean" feature only works with English.
The Joomla team is apparently working on solving these problems for 3.x series. So we wanted to wait and see before looking deeper into it.
Also, there were other more pressing features on which we had to work on for HikaShop, you can use the simple search system of Joomla or the HikaShop filters system for more advanced searching, any third party developer could develop such smart search plugin for HikaShop and finally there is the universal live ajax search module which is compatible with HikaShop for dynamic search :
offlajn.com/blog/entry/2012/02/10/improv...r-joomla-151725.html