Steve Raichlin says that after a couple of hours the meat isn't absorbing any more smoke. He was talking about Ribs at the time.
Going to add my thoughts...
I am a big fan of Raichlin...The meat absorbing smoke time limit does not exist...This is brought up all the time by experts in competitions, dedicated smoking/bbq forums and I actually tried it, so I'm talking from actual experience. I did two racks of ribs, one I smoked for 6 hours straight and the other smoked 3-2-1...During the "two" there was no smoke. The 6 hour ribs tasted smokier for the 3-2-1...
With the soaking or not soaking, solely depends on the cooking device. If it's possible, do not soak. I use an electric smoker which has a coil...If I do not soak, the chips ignite and get a thick dark smoke that doesn't last long...If I soak they will not ignite and there will be a much longer lasting light colored smoke, which is what you want...
While fruit woods bring some unique flavors to the party, my guests and I could never taste a distinct fruit. EG: YOu're taking appleWOOD which doesn't taste like apples to begin with and chemically converting it into a smoke that your food absorbs...Meaning while fruits add some great flavors, they don't taste like the fruit they bear...Again, heard this at other forums and tried it myself...
Hickory is the most familiar tasting wood...With the exception of brisket which uses mequite, the majority of pros use hickory and a combo of oak and/or fruitwood...
My guests and I share an interest in "EXCESS"...We like 100% hickory for dominating smoke flavor and super tender fall off the bone ribs...We are the minority in our likes...