Hi j123j (and everybody),
My 1010 EBQ did about the same right out of the box. There was some (very) faint visible smoke and that distinctively pungent smell around. To me, the event felt like overheated storage grease. I did use the tool for minutes at a time (I routed this and that on several different types of materials I had reserved for router testing purposes).
After some tens of meters of plain routing and a couple of days of resting, there has been no smoke nor smell.
Cheers,
Ikisumu