Hi
SmartRF Studio does not use the MSP430 mcu on the trxEB. There is a CC2511 SoC placed on the trxEB that handles the firmware needed to run the trxEB with SmartRFStudio. The S1 switch on the board lets you choose with MCU that will run, so when you use it with SmartRF Studio the MSP is bypassed.
Pleas look at Figure 3 in the trxEB user's guide for more information:
http://www.ti.com/litv/pdf/swru294a