i had multiple email accounts (pop, IMAP and Exchange) synchronised across three Macs, with several of the accounts also on two IOS devices. When I had upgraded two of the Macs but not the third, Mail on one of the upgraded ones was completely refusing to run (spinning beach ball), whilst the other appeared fine. When I upgraded the third machine, the one that hadn't been working suddenly decide it was fine and now all three machines are ok.
I suspect this is a separate issue to the SMTP problems being reported, but for those with accounts on more than one Mac, upgrading them all might resolve the issue - but it is obviously a risky strategy. It worked for me, but impossible to know whether it would work in other circumstances.
Not so much a solution as an observation.