The default Image Size is 256 pixels square. Image files are created and sized so that the Image Size corresponds to the longest dimension of the largest selected surface. If more than one surface is selected, the other image files are proportionally smaller. The valid range is 8 - 1024 pixels.
The progress bar at the far right indicates the status of the current image creation.
Each selected surface now has its own Smear Map which has all of the same properties as the original Projection texture.
To display the texture on the shader swatch, copy any image file name from the Per Object Images list to the default Image field (click in the Object list to highlight the image file name, then click in the default Image field with the to paste).
Convert to Smear has the following limitations:
There are two ways to create a Projection texture: using the Multi-lister or using the Projection tools.
There are eight different types of Projection tools, representing the eight different types of projections. See Projection Texture Parameters in Render > Multi-lister for a description of each projection type.