We show that an antiferrosmectic-
C phase has lower energy at high densities than the nonmagnetized Fermi gas and ferronematic phases in an ultracold gas of fermionic atoms, or molecules, with large magnetic dipole moments. This phase, which is analogous to meson condensation in dense nuclear matter, is a one-dimensional periodic structure in which the fermions localize in layers with their pseudospin direction aligned parallel to the layers and staggered layer by layer.
We investigate Fermi liquid states of the ultracold magnetic dipolar Fermi gases in the simplest two-component case including both thermodynamic instabilities and collective excitations. The magnetic dipolar interaction is invariant under the simultaneous spin-orbit rotation but not under either the spin or the orbit one. Therefore, the corresponding Fermi liquid theory is intrinsically spin-orbit coupled. This is a fundamental feature of magnetic dipolar Fermi gases different from electric dipolar ones. The Landau interaction matrix is calculated and is diagonalized in terms of the spin-orbit coupled partial-wave channels of the total angular momentum
J. The leading thermodynamic instabilities lie in the channels of ferromagnetism hybridized with the ferronematic order with
J=1+ and the spin-current mode with $J={1}^{\ensuremath{-}}$, where
+ and $\ensuremath{-}$ represent even and odd parities, respectively. An exotic propagating collective mode is identified as spin-orbit coupled Fermi surface oscillations in which spin distribution on the Fermi surface exhibits a topologically nontrivial hedgehog configuration.