Translation:Though it seems to smell very good.
"Il semble" is stated to be an impersonal verb, only meaning "It seems" so DL's other offering "He seems to smell very good" is wrong. "Smell/sentir" can't be transitive, as that would require "well" not "good"/"bien" not "bon"." Very" seems a bit weak for "vraiment". Not a very helpful example; does it seem natural to you francophones? Could you express it in a less ambiguous manner?
Just my own opinion: this sentence is a bit weird. "he seems to be rich / healthy / happy" are fine with me. But when it comes to odors, someone or something would not "seem" to smell good. They do or they don't.
If "il semble" were impersonal, the construction of the sentence would be different: "il semble qu'il sente vraiment bon" (meaning: you have not tested it yourself but people say it smells good).
For me: "vraiment" = really