Just adding to what Victor wrote:
Smart Warp is a Moho 12 feature but, yes, that would give you more precise control over bitmaps because it lets define the actual shape and resolution of the deforming mesh. The resolution of the mesh that's 'auto-generated' in 11 can tend be too low for long, thin images areas (like tails, thin legs, etc.) Smart Warp is also the only way to take advantage of using Smart Bones in your rig to correct poor 'bend' deformations. If you intend to do a lot of bitmap rigging, I highly recommend the upgrade.
But even if you're staying with ASP 11, again, I'm in total agreement with Victor: use 'Use Selected Bones For Flexi-Binding'. With this method you won't even need Smart Warp most of the time.
At the studio where I work, we animate a lot of bitmap-based rigs and when I'm rigging I rely on 'Use Selected Bones For Flexi-Binding' at least 95% of the time. This binding method offers all the smooth-deforming benefits of the basic 'global' Flexi-binding but with specific control over which bones affect which layers. Smart Warp did help me out greatly on a recent character rig but it's still a rare situation when I absolutely
need to use it.
You might also work with Smooth Joint. It works great with many bitmapped characters for clean joint bending, even with textures. It doesn't work well for every case but when it does it looks great! When it doesn't, well,
that's when I turn to Smart Warp.
