My gym does not have a traditional bench with a barbell due to liability issues (a 24 hour gym) so I am limited to dumbell presses, a hammer-strength machine with plates, and a Smith machine for chest work (I don't even consider the Cybex bench press). I find the Hammer strength machine to be good for building the pecs (both flat and inclined), and I try to work in dumbbells for flyes and sometimes presses.
I find the Smith machine hard on my shoulders due to the plane of motion. Am I getting a decent chest workout, or am I missing something a "real" bench press could provide? I also do some cable work to top off my chest day. Don't tell me to find another gym, as this is the only one within 25 miles of home/work.
Squats are another issue I'll save for another post.