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Please see my slides here:http://www.slideshare.net/jdavidhill/marketo-email-reputation-management
And do a search for hard bounces or deliverability here on the Community. Autumn Tyr Salvia has several threads.
What you should do is establish a Master Suppression list that combines several smart lists like Competitors, Email Invalid=True, Marketing Suspend=True, and Bounces.
I think a better restriction for your smart list is to say
1. Include the people you want.
2. exclude anyone who bounced in past 30 days or has email=invalid
Also, for soft bounces I would consider setting some thresholds in place to avoid killing your IP's spam score.
For us, 3 soft bounces within 90 days (use the "Email Soft Bounced: Is Any: Within 90 day" and add constraint "Min Num of times: 3") moves a lead to a "delicate" list. This this only recieves emails that are very personalized and score very low on spam scoring methods; in addition to this, the lead gets emails much less frequently.
If the lead then interacts with our brand for a decent bit, we will usually move them back over to regular nurture lists.