We've released a beta version of SMTP module for Drupal 7.

One great thing about this new version is that you no longer need to download PHPMailer separately. Almost all the work on this Drupal 7 version is due to yettin (Joakim Schramm), and it's been working like a charm.

See the release notes or download the new version.

drupal planetdrupal 7releasereleasessmtp modulesmtp