I'm not sure what I am missing with Geno Smith because I see a guy without a very high ceiling. He makes some nice throws but so did a lot of QBs that don't make it in the NFL. It surprises me that at this level he throws so much off his back foot and is often unbalanced in his delivery. His awareness is horrible, he holds the ball way to long and at times looks like he is shotputing the football downfield.
Questions surround his work ethic as well. You only need to research his interview process to see the warning flags. His handling of his decline in draft position is another indicator of his over valuing his ability. He's an upgrade to Sanchez but is more likely to waste 2-3 years of the Jets time.
Could he develop into a decent QB? Sure. But in my opinion your looking at a guy that is no better then Terrele Pryor and has a limited ceiling.