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Unfortunately I am not 100% positive but I would personally assume that it would pull all leads from December, if you were running the smart list in January.
If you want to feel more confident about about your list I would suggest the In Time Frame filter. Here you have filters such as This Month and Last Month which are much more descriptive as to what your results will be.
+1, Patrick :)
Though it did not precisely answer my question, the In Time Frame filter is exactly what we need for this. Thank you!
If you use the Past 30 days and Past month Date of Activity constraints on Feb 1, "Past 30 days" would go back to Jan 2, where "Past month" would include the entire month of January.