H.W.
I love Mod Podge and have used it for years. (Check out my groovy switchplates!)
No, not stinky. And while it's easy to use, there are some things to consider (which I've learned the hard way, so maybe this will save you a bit of heartache)
~~Let your layers dry before adding another on. You want "deliberate wrinkly", which will look fine, not 'saturated wrinkly', which will look like grandma's old newspapers left out in the rain and dried-- deep, heavier wrinkles where the layers are trying to dry and heaving a bit.
~~If your canvas has a color, use a fixative/sealer first. Applying MP directly onto some colors will moisten them again and the color will smear everywhere.
~~If you need something to be flat on the surface you are applying it to, carefully apply MP on the back of that piece, then use a brayer to smooth it. (a brayer is a sort of roller with a handle, meant to keep things flat and even)Then apply the top coat if you choose.
Don't forget that MP comes in Glossy and Matte. I use the glossy for more handled-items (like switchplates) and matte for things like candles. Also, don't forget to seal your work with a clear spray varnish, or it can be damaged.
More info than you might have needed-- have fun! (Also great fun for your kids while YOU work-- give them glass jars and tissue paper-- have them decorate the outside, then stick a tea light in. Voila!)