I have eaten it in Fish cakes - was sweet as. I tried smoking it, But was too enthusiastic with the salt and it was a bit too salty in the final washup. Sells for 14 dollars a Kilo (at the local New World) Thats half(ish) the cost of snapper and other swimmers.
You want a really bad smell, Try eating a Bastard red Cod. that is waaaay further dowm the scale of gross and nasty stuff.
Funnily enough, I fish Harbour here in Welly 3 or 4 nights a week and havent caught a Red Cod for about a year.