I don't mind this. Better than any QB the draft could have brought.
You could have said this in 2009 and it would have made just as much sense. Matt Cassel looked pretty good coming out of NE. How'd that turn out? Oh, our fans cheered his concussion.
Alex Smith is Matt Cassel redux. You want to do that again? You want to relive 2009 through now all over again? 
name a better alternative
At this point, the Hamburglar is a better alternative. The problem is if you don't draft the best QB available at the first pick, he won't be there in the 2nd round. So at some point you have to forget about the NUMBER 1 overall pick and realize this is your only pick out of 32 teams, and you just get first choice. The Chiefs haven't cared about who they have drafted the past 5 years, why do people give a crap now? I mean Dontari Powe? Dude was a 2nd rounder at best, but the Chiefs got him.
If we draft an offensive tackle, how many wins will that net the Chiefs? Probably none. May help reduce a few sacks, which could extend some drives which could add an extra TD or FG. You don't have to draft franchise offensive lineman to be successful.
At some point, you have to take a risk and draft the best available at your position of NEED. There isn't a single guy in this draft that is above and all the best person in this draft. If there was, they'd be known prior to the combine. Geno Smith has solidified himself as the best QB thus far. Geno Smith is better than Matt Cassel AND you can get him for much cheaper than Alex Smith.
Alex Smith is guaranteed $8.5 million next year. Is he worth that? No, not even half.