What is the effect of the postponed SMT launch date on communities that have already developed their own tokens?

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I don't think that the SMT launch has been delayed. There was never an official date so this first communication is the original timeline.

That said, I understand your question.

There has already been a detailed white-paper produced on SMTs so communities should already have a good idea of the parameters and structure of the system. Steemitblog also already promised further details before the launch so there should be plenty of time for these communities to adapt as the launch date approaches.

In any case, there will inevitably be some settling in with SMTs. There will be those that are well designed and have some success but also plenty which fail to meet their goals (which may not be value-based).  Exciting times but, as always if you are thinking of investing, do you own research, don't invest more than you can afford to lose.