Are you asking questions based on what you see in NX 7.0? NX 7.5 is completely different when it comes to how Lightweight representations are controlled and presented. To start with, there are NO more Lightweight Reference Sets. They are not needed since the Lightweight representation is now part of the model definition itself and is controlled separately from Reference Sets.
As for Smart Lightweight versus not, it's just that they provide for the most efficient use of memory and provides the best performance since the system will load additional model date, when it needs it, automatically with the user having to do it manually. While this option is currently (in NX 7.5) toggled OF by default, I would recommend that you toggle it ON and work with that way all of the time. In the future we expect that this will soon be ON by default, so I would get started now.
As for the partial loading issue, you may have misunderstood what I said. With NX 7.5 and even more so with the next version of NX, NX will be able to perform more operations as the user would expect them to be done whether Partial Loading is ON or OFF. And YES, having Partial Loading ON will still provide the most efficient memory utilization when it comes to loading assemblies and the included components.
As for Reference Sets, Load Options should be set to Model. If you've created your Sub-Assemblies correctly, that is that they do NOT have a Model Reference Set defined in the Assembly file itself, then they will automatically be loaded as Entire Part as they should be. And this has nothing to do with whether you're using Smart Lightweight or not.
Except for changing the customer default option enabling Smart Lightweight (toggling it ON) mentioned above, if you update your pre-NX 7.5 parts using the 'refile' utility enabling the new options added for NX 7.5 which deal with lightweight bodies and then just use the system as if comes out of the box, you should be getting the maximum benefit from the Lightweight Representations when working with assemblies.
John R. Baker, P.E.
Product 'Evangelist'
Product Design Solutions
Siemens PLM Software Inc.
Industry Sector
Cypress, CA
To an Engineer, the glass is twice as big as it needs to be.