My old friend and Princeton roommate Nathan Myhrvold has written an excellent piece about the anthropic principle and the Smolin-Susskind debate that has just been posted on the Edge web-site. It seems to me to summarize the issues very clearly.
After getting his Ph.D. in quantum gravity at Princeton, Nathan went to work as a post-doc with Stephen Hawking, and one of the topics he worked on involved a possible mechanism for explaining the small size of the cosmological constant. Nathan left physics and joined with some of my other friends from grad school days to start a software company near Berkeley that they called “Dynamical Systems”. They soon sold the company and themselves to Microsoft, where Nathan ended up in the position of Chief Technical Officer. He periodicaly reminds me that if I had taken up one of his many offers to come work with them back in the mid-eighties, I could be obscenely wealthy too. At the time I remember it seemed clear that it was much smarter to stay as a postdoc at Stony Brook, being paid enough to live on and able to think about whatever I wanted, than to go to California to work twenty hour days writing operating system code and getting paid in worthless pieces of paper.