There’s a recent “Economics” Topic on the Forum which discusses various potential profit models (and expenses, etc.) for SmartThings.
But Ignoring Economic Realities or Theories…
I believe that SmartThings considers third-party development as a substantial and essential portion of their business strategy. SmartThings is a “Platform”, not just a “consumer product”.
The hiring of high profile Googler, Dora Tsu, as the head of the Development Platform Division (or whatever it’s called), is evidence of that commitment.
Whether or not the success of “Development Platform” requires a solid “SmartApp Store” that is typical to those on mobile device platforms, I can’t say. There are many other ways they could promote and support the platform aspect (partnerships, royalties for SmartApps, contracted development, etc., etc.,). I.e., think “outside-the-store” concept: Just possibly, just maybe, “the SmartApp Store” initiative will be abandoned).
Over the past few months and ongoing, however, SmartThings obviously has dozens of high priority projects to juggle, and we have pretty limited visibility into the real internal priorities and road map. My only guess is, since we have been told they are hiring massively: They plan and expect, after the unavoidable ramp-up and organization time and effort, to be able to deliver improvements and features very quickly via massive parallel projects.
The platform and Community Developers are just going to exist in purgatory 
for an indeterminate amount of time, and we could be surprised by a sudden leap in quality and features. The absorption time and growth logistics after a major acquisition must not be underestimated.
It is unrealistic to expect ST to have evolved already to the stage of huge companies like Apple or Ford, who can promise new products and features on a rather predictable basis along with delivery dates that essentially never slip.