I know about Smolensky's theories (have probably read that paper, but don't remember it exactly; have def. read others by PS); PS and JE are definitely contemporaries, and work/have worked in similar areas. However, these two theories operate at different levels and time scales. The oscillatory coupling theories of PS et al are related to real time computations carried out by neural networks, whereas the trophic wave theories of JE et al. relate to how these networks come to be organized as they are. As per other posts, both are useful, and probably both true to some extent. Neither is directly applicable yet in a way that makes contact with the cognitive level.