I think I figured out what the deal on Smith is.
Ok in the Matrix (the first movie) the Oracle told Neo that either he or Morpheous would have to day and he would have to make that choice. So when Morpheus was captured Neo went and rescued him, Neo then died. But as a fluke he came back and killed Smith, which started the whole Smith going crazy thing. It is deeper than that though. The Oracle wasn't wrong when she said that either Morpheus or Neo must die because in the past Matrixes Morpheus did die and Neo never fought Smith like he did so Smith never went crazy and took over the Matrix. In Reloaded, Smith explains that Neo freed Smith in that fight between them in the Matrix.
Having said that, the dangerous game the Architect was referring to, I believe is how the Oracle chooses to help the humans. After all, knowing too much about your fate can be bad and actually do more harm than good. Example being how Neo chose to fight Smith which caused Smith to go rouge.
Remember, the Oracle is a program that was designed to fix the bug in the Matrix. As stated in Reloaded, when programs become obsolete they are either deleted or given the choice to live in the Matrix. Obviously most programs choose to live in the Matrix. The programs can then live thier lives how they wish. Most of them, it seems live high class lives in organized syndicates. The Oracle, however chose to help the humans. Because of that she played a dangerous game in being hunted by Agents and the other programs. Thats why Seriph defended her.
Ok, I think I was going to say more but my brain hurts now and I can't think. I might have more later. Feel free to comment.
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