Had a Smokey Joe for over 20 years. Think I paid a little over $25 for it new back then. I've still got a small Weber kettle that has seen a lot of fires.
Ex-wife finally threw out the Smokey Joe on me one day while I was at work. Said it was any eyesore because it was burnt and rusty.
Probably grilled and smoked a couple thousand lbs of meat and fish in that thing.
As for the vents, you'll need to play with that a little, depending on what you're cooking, how much wind you've got, how fast you want your stuff to cook, and how much smoke you want to retain.