I used to use it (tubes and compact) and I always thought they both had smells. I thought the compacts had a plastic smell to it and the tubes seemed a little more like clay.
I don't know how it mattered to deer as I killed a lot of deer with face paint, but I do agree there is a smell to it.
BTW, I hated the whole facemask thing also for some of the same reasons you probably do: Too much bulk, restricting, can't find my kisser, moves when I turn, etc.. I tried out an Under Armor facemask and liked it so much I purchased another one so I wasn't without (washing and such). I was very happy to lose washing the paint off after every hunt.
Good luck,
Chris