Well, I wanted a snack so I opened one of the sealed jars of pickled shad. As expected, the bones had completely dissolved. So had the meat. The smell was fine, with the slight foulness that was present in the beginning completely gone. I spread it on a slice of plain matzoh and the taste was really luscious.
I might use a bit less vinegar if I ever do this again, though. As mentioned, the meat just does not stand up to pickling.