I'd check fuel filter like Jim says. Also air filter (before I changed my air filter, i got the same effect when flooring it in neutral). I had a similar issue to that which you describe, but i had many problems to fix, so here are soem that may be related:
No1 Injector - affects timing as well so check the codes perhaps?
Air filter - replaced with K&N, massive difference
Fuel filter - change or at least drain via tap-see downloads section
MAF - may explain the smoke, remove it and clean it, i simply left mine to soak in some electrical contact cleaner, seemed to work.
Earth wires from engine block to chassis-mine were corroded but wasnt obvious-check them for rubbing against chassis.
CKP sensor - again, check codes, it MIGHT be on its way
think thats it? may be non of the above, but worth looking at, reading the codes will help a lot...
good luck!