Sphere Competition Smoking.
 

Ran my LRP Sphere Competition ESC today for the first time. Ran it for about 6 min. Waited about 30 min and ran it for another 2 min. Took it off the track b/c I had knocked my servo saver loose and found the ESC smoking. Quickly turned everything off. Let it cool off for a couple hours and it appears to work still (though it has the distinct electronics burning smell). Does that mean everything might be alright or should I still send it back for repair? When I took it off the track the temp of the ESC was 140 degrees and the Novak 4300 was 140 degrees as well.

Send it back. These things run on smoke. Once the smoke comes out, they tend to stop working. Seeing as though you just bought it. I'd send it back asap.

Don't know where you bought it, but if it came from your local hobby shop, they to may be able to do something for you! It's at least worth a try.

where did you mount the power cap? If you mount it like the instructions you have to be careful that is not touching the motor wires