The reason smoothstep looks similar to a sinusoid is because it is a polynomial approximation. I remember Dan Perlin discussing it in his (book|paper|website), but googling around doesn't seem to show anything that I remember. For Perlin Noise, a sinusoid was the highest-quality interpolation because it was continuous everywhere, even at the endpoints. Smooth-step is discontinuous at the endpoints, but it is close enough for discrete computer graphics.