I'm with Adams ... I always try to use my extra cook time on the PBC and I end up with dishes to eat for a week!
As for the smoke issue, physics dictate that if you burn the wood chunks you are, indeed, getting the same amount of smoke, though if you hang your meat the exposure time against the food will be less than if you lay it on a grate. It may also be masked a bit by the flavors introduced by dripping on the coals.
If curious, you could place your meat on the hooks, but begin by laying it on the grate for the initial burn of your wood chunks; then move it to a hanging position and see if the end result changes for you.