I'm curious about what ATF should actually smell like in the transmission. I checked the ATF in my Explorer today and it was a nice light transparent red and at the right level. It didn't smell like ATF does fresh out of the bottle though. I don't know that I would call the smell burnt, but it isn't the same as ATF in the bottle. Would I be correct in assuming that burnt ATF would smell something like overheated brakes or a burnt clutch? It isn't a strong smell like that.