It smells gasoline, I don't have a better word... With regards to the smoke,
I would say it looks more like dense steam, it doesn't seem to leave any
marks on the bumper... The fluids are OK, the boots I believe are too, and I
am talking about the car sitting in the driveway anyway...
/MM
If it only does it when it is cold outside, then I BELIEVE it is
because the car senses that it is cold, and runs the engine a little
richer, which helps with cold starts. Both my 95 legacy and 90 miata
do this. The exhaust looks like steam and smells of gas. The legacy
has done it since I acquired it in 2001. It always passes emissions,
and only occasionally has the CEL on, which is pretty good for a
subie.
Once the ECU exits the startup sequence, the car will run closer to
stoichiometry. This rich-running during the start up sequence is why
'the experts' say it actually wastes gas to shut your engine off at a
stop if it is going to be off for less than 70 to 90 seconds.
The reason it is worse in cold weather is the colder air makes it
harder for the injectors to atomize the gas small enough to fully
combust. So you get unburnt fuel. This is actually the reason that
they need to put more fuel in-to make up for all the stuff that won't
burn. Once the head gets up to temp, the incoming air is warm enough
that the fuel will vaporize more easily. Consequently the smell of gas
goes away, and the extra fuel is not needed, which means the ECU sends
less gas. So then the exhaust stops smelling like gas.
I can't back this up with any sources, just a compilation of what I
have heard here and there. I really don't think there is anything to
worry about though. Cars simply run rich when the engine is cold.