Yes, both tools are still available (Smart Forms starting with release 4.6c). At this time, SAP has no plans to sunset existing forms of technology. So you are free to develop with either tool for the foreseeable future, and your forms should operate as expected.
However, neither tool is being enhanced, so you should not expect any significant changes to them -- or new form templates -- in subsequent releases of the core R/3 enterprise system. SAP is only addressing bug fixes.
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