Nah, the spell is unchanged, as are smoke effects.
Still, unlike glitterdust the spell has some significant drawbacks:
1. 120" blindness is going to hit me and all my allies and summoned monsters, and the blinding version destroys the fire and doesn't create a smoke cloud. It also includes a Will save negates for the blindness.
2. The smoke cloud version also completely negates all vision within and out of the cloud, which means that we won't be able to hit opponents inside it. Though that can be handy too!
3. It's a little tricky to position the spell correctly because of the need for a fire source. That's not such a huge problem for a conjurer in PF though, since Summon Elemental (Small Fire) is available at SM II =P It will deal CL dmg to my creature , which is peanuts at 3rd level. You could also use a fire elemental familiar, a Flaming Sphere or an PC with a torch, I guess (sucks to be the PC though!).
4. The 20" cloud is pretty damned big compared to glitterdust - a lot of times this will catch party members as well.
5. The DC will be 1-2 pts lower for a conjurer
All of those are situational though - I think the best idea is simply to prepare both glitterdust and pyrotechnics.