I was also surprised to see him picked to go that high. My suspicion is that they just looked at stats and didn't really do a scouting type evaluation.
I like Smith and he has been a fantastic QB for us, but putting on my scout hat, I would have a few concerns about him in the NFL. First, he is not a Kap or RGIII in terms of rushing. He would have to be a pocket QB almost entirely, but the good would be that he can run if necessary. As a pocket QB, I'm not sure he has the accuracy required for the NFL. A good scout would have to evaluate if they thought he could develop that. The other big area he would have to develop is progressing through reads. The offense we run now seems to only require 1 maybe 2 reads but the pro-style requires you to go through 2, 3, or 4 progressions in a split second before throwing the ball.
I'm not saying he couldn't learn this and couldn't be successful; all I'm saying is that given where he is at, 3rd round seems high to me too. I'm no NFL scout and could be totally wrong; it will be interesting. I do agree with BJC; if 3rd round is likely, he should go.