IIRC they used to (at least for classes armors) That said you won't see any smart loot if soloing/moloing. Smart loot only kicked in if you had at least 3 ppl in a group (not sure if the requirement was higher for raid tho)
Ragna nailed the reason I was asking. I 3-box, one representative from each account -- looking to complete some sets for visuals...and I keep getting that vilest of loots, the Ranger armor. I curse you, SmartLoot!