In my experience the benefits of chewing raw or smoked bones far outweigh the draw backs. They work really well keeping the dogs teeth clean... much better than brushing I have found. They really help give puppies and young dogs something to chew on to meet that need. I hear that it also serves as a good calcium source but I don't know the scientific facts there.
Larger bones seem to be the best because they breakdown slowly so I can throw them out after a lot of use but before they are small enough to be a choking danger. Some bones from the butcher come with a lot of fat/meat on them so I freeze the bones before giving them to the dogs and only leave them down for 20 to 30 minutes at first to help avoid upset stomachs from the fat. After a couple days of just the 30 minute sessions then they can be left out without worrying about that.
I find that rawhide doesn't help clean teeth as well and they don't last as long. My dogs are hard chewers and they eat the rawhide so fast that I have had it cause upset stomachs. They have also choked a little trying to swallow it so fast too. Pressed rawhide is much better because it breaks down more like a real bone so it provides more chewing time and it does a better job cleaning that the regular rawhide. But my dogs don't like it as much as real bones so I don't bother with those much.
As stated in your question, do not use cooked or boiled bones as they can splinter.
I have 4 dogs with a total 34 years between them and have given them raw and smoked bones their whole lives. I have had only one of my dogs have a chipped tooth. I can't really say if it was a bone that caused it but she was 9 when it happened and even if it was because of the bone, I still think that the bones have done more good for her dental health than bad.