Never had the Smart Folio. Didn't want one and never thought it was a particularly good keyboard (just my humble opinion). So I went with the Brydge Pro for my iPad Pro 11. But when Apple rolled out iPadOS 13.4 with true track pad support, in comparing the Brydge with the Magic Keyboard, it was a no-brainer to get the Magic Keyboard as the Brydge Pro+ track pad simply doesn't work. The question you need to ask yourself is whether a fully functional track pad will make a difference to you. For me, it has completely changed how I use my iPad. As to using my iPad as a tablet, I bought a $15 magnetic folio off Amazon and I just pop the iPad off the Magic Keyboard and pop it in the folio.
In terms of typing on the Magic Keyboard, it is without question the best typing experience I've had on any hardware keyboard for my iPad. The backlit keys are fantastic. But the star of the show is that track pad. It's simply awesome.