No-one has yet mentioned glazed bores causing low compression, which happens quite frequently with infernal combustion engines, I had this problem with one of my suzuki engines when I got a little over exuberant with the amount of engine oil I used to lubricate the cylinder walls after honing an engine for new rings, it smoked like a bastard!
Earthmoving equipments are commonly afflicted with cylinders glazing up, a friend of mine runs a Cat dozer that actually comes with a can of abrasive (they recommend Ajax if the Cat product isn't available) that you are required to sparingly tip into the air intake while the engine is running, which fixes the problem instantly.
Another friend had this problem on his CB750K2, it had been sitting for many years with oil in the cylinders to stop it from seizing, but was using oil at an alarming rate once put back into service, so having a tin of Ajax available, we warmed the engine up, took off the airbox and passed a teaspoon of the stuff past the rear of the carbs, allowing the suction to draw it into the engine.
The engine momentarily farted and burped, and coughed out a cloud of black smoke, then cleared itself. We took our bikes for a brisk 100 mile ride and so far the smoking and oil consumption have not re-appeared. I've also been told that spraying a mist of water with a little pump pack into the carbs while the engine is running will cause super heated steam inside the cylinder and combustion chamber which will have a similar effect. Certainly worth trying if you think your engine is on it's last legs and you've got little to lose! Cheers, Terry.