SmartLipo was approved by the FDA in Nov., 2006. There are certain guidelines for recommendation for the procedure, one of which being that you should be within 25 pounds of your ideal weight. Of course weight will decrease when the fat is removed. You seem to be in a low weight category.
There is some pain associated with this procedure. Local anesthetic is used. Prescription for pain medication is given for afterwards. Some people need it and some just use tylenol or ibuprofen. Some soreness and bruising noted after. Swellin is usually gone after a few days but can last up to 2 weeks. Typically, you wear a compression garment on the treated area for a few weeks.
If all goes well, there are not any major side effects, however, each person's experience is different.
I hope I have helped you!