It should look and smell much like new ATF. If it looks brownish or smells somewhat burnt, it's toast.
I had a TH-350 spit ATF out once, and it caught fire. After discharging a fire extinguisher in the engine compartment I learned two things.
One, use Halon (or modern substitutes) not powder extinguishers. It was a mess to clean up. Two, to the point that part of me thought it'd been better to let it burn.
Also had a fresh (factory filled) 4LE80E puke some ATF out, but that was my own fault. I forgot to put in OD, so it (basically a TH-400 with OD) was turning pretty fast.
Just an oily mess underneath a nearly new vehicle resulted from that one, thankfully.