I have no idea if BeerSmith considers increasing gravity throughout the boil - maybe it's based on the boil-off specified in your equipment profile. It may just be an average or a fudge factor. Andy, at Rooftop Brew, has a calculator and formulas for both Raeger and Tinseth, both using "Original Gravity" for the gravity. It might add to your peace of mind to play with his calculations and compare them to BS.
I use Tinseth in BS; when I used Andy's Tinseth calculator for a BS recipe it calculated I would get 27.4 versus 26.7 in BS. Andy's Raeger calculator returned 26.7 - exactly the same as BS' Tinseth calculation.
I'm pretty sure I can't tell the difference in 27.4 IBUs and 26.7. There are lots of other moving parts in home brewing that probably have more effect on utilization, such as: pH changes, vigor of the boil, whether the hops are in a bag or loose in the boil, etc. The bottom line seems to be whether or not the beer tastes the way you want it to. Have a home brew and watch the pretty bubbles.
Dan