So with a bootable clone I can really do exactly the same as with time machine? just with more versatility and one complete backup.
No. A bootable clone is less versatile than Time Machine. Time Machine makes incremental backups, so you can restore to any of a number of revisions of a file, which a bootable clone only allows you access to one. Time Machine also makes it easier to restore individual files than a clone.
If you lose your system, you can use your system disk to restore to a Time Machine backup, which is essentially the same as cloning a SuperDuper backup. The difference is that Time Machine doesn't give you anything to boot to until the backup is restored.
Using a bootable clone with SD, can I have it setup to update the clone with the smart update to edit data changed?
Beats me, I don't use it. I prefer Time Machine.
And is this data still usable as data on an external drive?
Yes. That's the benefit of a cloned backup.