USITT (United States Institute of Theatre Technicians - or is that Technical Theatre?)
USITT = United States Institute for Theatre Technology.
As far as the SMMP goes there are definite pros and definite cons. The main pro is that you gain some wonderful experience and can form some good professional and personal relationships, and the SMMP in itself is a good networking opportunity. The main con is that it basically consumes your conference, there isn't time for much else.
Personally, I did not pursue the SMMP while I was a student. I felt my time would be better spent on the show floor networking and trying to beg, borrow or steal to get a job
(I kid...sort of). But really, that is pure personal preference and opinion. I have a few friends that did the SMMP and had nothing but good things to say about it.
I think before you make a decision you need to decide what you plan to gain from the conference, why are you going? It also depends where you are in your college career. Are you a sophomore or junior, will you be able to make it to conference your Senior year? If so, a pretty lethal 1-2 punch could be to do the SMMP your junior year, then come back senior year and leverage those connections while trying to find a job. If you're a senior trying to find a job you may decide your time is better spent on the show floor, or you may still opt for the SMMP and hope the smaller number of (but more personal and more substantive) connections lead to gainful employment.
My advice would be to first decide what you want to gain from this conference. From there, formulate your strategy and see how the SMMP and any other opportunities may fit into your ultimate goal.