The problem is the ideal sitation is useless except for flame wars on TEH GAF.
A developer doesn't care about some benchmark against 100% utilization. The developer cares how fast the platform can run his piece of code, and if it is fast enough for what he wants to do. If it's not, he optimizes and rewrites it until it is. If it can't be optimized enough, then he cuts features until it can run at the speed he needs it to run. If he's got CPU to spare, he adds features until it runs too slowly again, or he runs out of development time.
First of all, it's not necessarily inefficient code. The code could be completely optimal but still limited by (just for example) memory latency, and there is nothing you can do about that. And it's a fact that SMT will give you a nice performance boost in those situations that can nearly double throughput for that operation against a processor without SMT.
And the point is it can, sometimes.