Geno is absolutely worth the #1 pick.
Arm strength, accuracy, size, mobility, vast amounts of experience and production.
Alex Smith's current 9.8 YPC is one of the lowest marks in the NFL over the last 10 seasons. Only a few QBs have been worse:
Ryan Mallett (9.8), Derek Carr (9.4), Christian Ponder (9.8), Brady Quinn (9.8), Ryan Fitzpatrick (8.6), Brodie Croyle (9.7), Charlie Frye (9.7), Bruce Gradkowski (9.4), David Carr (9.2)