SMB 3.0 file share storage limitation What is/are the limitation/s to move from SAN storage to SMB 3.0 on windows Server 2012 - SQL server 2012 enterprise production environment? 

I want to know the benefit of using SAN over SMB 3.0 as well ?
keep in mind the following: generally SAN in sthe best option for clustered environments. In non clustered Environment you can opt for locl disks. 
Moving from SAN/Local Disk to SMB Windows share can hide some potential problems.

Using SMB network connectivity becomes a very very important piece of your architecture. Probalby you will have to use dedicated nics on database server. You have to consider who/what is sharing disks through SMB. Especially if the "sharing" server is a cheap NAS, you have to pay attention about performance and to the number/weight of all other clients.

The best uses for SMB share are:


build low cost clustered environments, specially when you have lightweight
databases
Test/Disaster recovery/developement environments;
Storing historical data;
Emergecy/temporary storage;
During database migration/upgrade processes.


If you want to use SMB in production environment I think you have to build a strong network infrastructure:


Nics redundancy;
Dedicated nics;
impement traffic isolation (VLAN implementation);
Buy robust NAS solution;
COnsider involving 10GB network interfaces;
Keep under control network performance, check periodically network interfaces counter. Tune parameter like MTU to obtain the best performance for your physical infratructure.