Originally Posted by tyl604

If the car drives but feels very sluggish and you are getting a burning smell, you may have a sticking/stuck caliper or two. Your wheels would feel pretty hot to the touch too. I am guessing it was not the tranny that was smoking but a caliper.

I assume the 300D master cylinder like the 300SD has a front and back reservoir both of which have to be completely filled to bleed the brakes. Many folks fail to get the rear one filled and that causes spongy brakes.