I think the importance of Rivendell to Sauron was not really strategic but tactical. By the time he could have gotten enough orcs there to destroy it, he would have had to either conquer Gondor and Rohan, or Gondor, Rohan AND Lothlorien (if he attacked from over the Misty Mountains and not through the Gap of Rohan) -- by which point a single haven of Elves on his flank would have done little to stop the conquest of Eregion.
So it's not the location of Rivendell that makes it important, but the people there -- Lothlorien had Galadriel with Nenya and Celeborn, but after that there really aren't any Elves of much heritage (isn't Galadriel the only Noldor in the Golden Woods?). But at Rivendell there was Elrond and Glorfindel at the very least. And let's not forget Arwen. Even if Sauron did not know of her betrothal to Aragorn and what that would represent to him (the reuniting of all the houses of Elves!) he would have known that she represents the 'return' of Luthien -- and that would only spell trouble for him!
Given the people in Rivendell, I think Gandalf's purpose in destorying Smaug makes perfect sense. A dragon can't capture a fortress and subdue a whole country -- that needs an army -- but it can sure wipe out a bunch of people you hate and fear pretty quickly.
A related thought -- it's lucky, in an odd way, that Gandalf met the Balrog in Moria. If he had not destroyed the demon, would it not have come out of Moria and joined the armies of orcs attacking Lorien? Or even, to keep within this thread, mightn't it have gone north and filled in for Smaug at Rivendell?
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