I've had the same problem. This is what I have identified:
- My battery will not charge initially. After turning off the computer and removing the battery, it will begin to charge immediately. I do not need to restart the SMC - just simply pop the battery out and put it back in.
- As long as I leave the power cord plugged in, it continues to charge. If I unplug the macbook and then close the lid (i.e. put it to sleep), it will revert to the initial state, which does not charge with the new 85w cord.
- The first time I used the cord (i.e. straight from the box) it worked fine. After I unplugged it and began using the computer, this cycle began.
- My macbook still charges fine using the old power cord. It also charges fine using my friends power cord (also older model).
- My friend's macbook (same model, year, etc) worked fine initially - we haven't tested it again.
My guess is that it has something to do with the way the macbook and battery interact. The computer will allow the battery to charge only when it has been freshly inserted, but will not allow it to charge after that.