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I've always understood that wet or "young" wood produces more smoke, where as dryer and more cured wood produces less.

Smoke is unburned fuel. It indicates incomplete combustion.
I think that 'unseasoned' wood may not burn as well, meaning it is not burning hot or as completely as it could.
Wood stoves can be regulated by chimney dampers and air-intakes.
An open pit not so much.
I've noticed that when I choke off the air intake on my snorkel stove that the smoke immediately starts billowing from the chimney, whereas the fire was previously burning completely and no smoke was evident.

Unless there is some management system for intake and exhaust on the fireplace, I vote for gas. I've seen some cool outdoor gas firepits where the gas is diffused through a pile of sand.