How does smoking meat preserve it?

[wasia]

In the wiki article on smoked meat I read, that "There are two mechanisms for this preservation: dehydration and the antibacterial properties of absorbed smoke". I wonder, if the smoking process somehow alters the bulk of the meat, or does it just create some kind of a barrier for the bacteria? Dehydration seems to be a bad explanation, as most of the smoked meat (not fish) does not seem dry.

 

[lightarrow]

The chemicals of the smoke are toxic for bacteria.