I think the tracers look verry realistic, in all non shaky video's you can see the tracers as long straight lines.
some video's
(I hope SOW won't have such small tracer hits of course!)
Looks like star wars, because the makers thought these 'lasers' would look cool, but they are tracers.
I think those tracers look a lot bigger than the gun barrel.
A bit shaky... But the tracers apear straigt, not spiraling.
Here you can see a lot of the tracers are richoretting.
The tracers in the last video are a little bit different than 'normal' tracer rounds, they don't light up immidiately after leaving the barrel.
Of course the shutter speed and the quality from the camera makes the tracers look a bit different (longer, bigger etc) So maybe that's not excactly how they look in real life.
I haven't seen any smoke comming from the tracers.