Even if BoP continued, it is very doubtful that that show and Smallville would take place in the same continuity. The large plot point that sets them apart is that, in Smallville, the implication is that costumed superheroes and villains are a relatively new thing, where as BoP had a very active Batman years before the start of the series.
Of course, given some spoilers for future episodes of Smallville, this implication might be changed.
Of course, given some spoilers for future episodes of Smallville, this implication might be changed.