Mark - That's basically what happened. Some smoke, a loud hissing and a terrible smell. I'm hoping if any liquid came out, it stays inside the speaker.
Mel - My other EP800 with the new amp is warm to the touch when driving it, but not hot. I never felt my old amp to see what the temperature was. But the new one was definitely hot (you would not want to keep your hand on it). It took a good 20 mins to be at what I would consider "warm" after I unplugged it.