Smoothing for XY graph is incorrect when b-spline is selected. It interpolates the data points with a polynome that goes through the points exactly which should generally not be the case for b-spline. See http://en.wikipedia.org/wiki/B-spline for more info about the correct b-spline smoothing. Now it looks, on first look, more like hermitan polynome interpolation instead of B-spline smoothing.
The B-Spline algorithm is specified by ODF 1.2 so we have to implement the algorithm mentioned there. However there is still an issue in the implementation and I was yet unable to spend enough time in fixing it. *** This bug has been marked as a duplicate of bug 47787 ***