We present the results of a pair of 100 ksec Chandra observations in the Small Magellanic Cloud to survey high mass X-ray binaries (HMXBs), stars and LMXBs/CVs down to Lx = 4.3 x 10^32 erg/s The two SMC Deep Fields are located in the most active star forming region of the bar, with Deep Field-1 positioned at the most pulsar-rich location identified from previous surveys. Two new pulsars were discovered in outburst: CXOU J004929.7-731058 (P=892s), CXOU J005252.2-721715 (P=326s), and 3 new HMXB candidates were identified. Of 15 Be-pulsars now known in the field, 13 were detected, with pulsations seen in 9 of them. Ephemerides demonstrate that 6 of the 10 pulsars known to exhibit regular outbursts were seen outside their periastron phase, and quiescent X-ray emission at Lx=10^33 - 10^34 is shown to be common. Comparison with ROSAT, ASCA, XMM-Newton catalogs resulted in positive identification of several previously ambiguous sources. Bright optical counterparts exist for 40 of the X-ray sources, of which 33 are consistent with early-type stars Mv<-2, B-V<0.2), and are the subject of a companion paper. The results point to an underlying HMXB population-density up to double that of active systems. The full catalog of 394 point-sources is presented along with detailed analyses of timing and spectral properties.
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