Hi Lars,
Actually there is a more ideal solution. Basically the issue is that you are storing smtp settings in site settings and the smtp user and password are encrypted using the legacy crypto helper so it cannot be decrypted by the newer version of cryptohelper and it caused this error when you visited the Site Settings page. So the config setting makes it use the legacy crypto helper and it works ok and solved the error. But it would be ideal to change it to use the newer crypto helper method which uses the same encryption as is used for passwords based on the machine key.
To accomplish this you would need to:
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clear out those settings from the database like this: UPDATE mp_SiteSettingsEx SET SMTPPassword = '', SMTPUser = ''
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then change the config to <add key="UseLegacyCryptoHelper" value="false"/> in user.config
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touch Web.config to clear the cache
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then restore the smtp settings from the UI in Site Settings (if a multi site installation do this for each site) so it can encrypt them with the new method
Note that in those brief moments after you clear the settings it will not be able to send email until you restore them.
Best,
Joe