From reading Matthew Garrett's exploits, I'm pretty sure we don't want WiFi IoT devices. We have Hue switches next to the physical switches, which don't depend on WiFi being up; Smart control works with only local networking. Add more smartness for extra control (SmartThings, remote access, Google Assistant), but it's no less functional than a non-smart system when the smarts are offline.
The killer feature for me is the ability to adjust the colour temperature and brightness of lights in each room -- I've got a 50W panel above my desk which makes my work-space brighter than it is outside at the moment (Edinburgh, UK, 1pm with rain) but automatically fades down to a warm, dim light as the evening progresses.