Well hopefully it will come off today then! It will be nice to be rid of the thing, won't it?
DS2's cord really smelled too, and I didn't remember that happening with DS1. It just smelled like rotting, and not just when you got up close to it either, it was like if you were holding him you could smell it. Yuck.
I mentioned it to his ped and she said that the smell is the sign that is about to come off because the cells are breaking down. She recommended a thorough wiping down with alcohol and q-tips just once per day (and really getting underneath it), since too much alcohol and cleansing can actually slow that process. She said to try to give as much air time to his belly as possible. It came off shortly after that, and he could have a good soak in the tub, thank goodness!
Incidentally, DS2 was a very big baby at birth (10lb, 2oz) and his cord was really really thick. The ped said that babies with a really thick cord like that will often have more stinkiness because there is more tissue to break down.