Unlike recent changes on HAL, Regent is giving six months notice before implementing these policies. That is plenty of time to allow people to cancel prior to penalty period.

Casino and Voyager lounge will still be smoking as will pool bar; still many more smoking locations than on Oceania.

By next year, probably all cruise lines will be non-smoking on balconies. I think there is a possibility that all cruise lines will also be non-smoking in cabins. After all, like airplanes, if "all" cruiselines are forced by law or public opinion to remove smoking from cabins, they end up saving a lot of money in cleaning costs without losing a competitive advantage. The competitive advantage is only lost if there remain other options for smoking in cabins.

It will be interesting to see how this plays out with respect to SOLAS, individual country/EU action, and individual company action. I sure would postpone cancelling a cruise until closer to the penalty period unless you know that your alternate cruiseline is not following suit. Of course, land vacations are always an option; just beware of those properties that are also going non-smoking.