Everybody seems to be wanting Faried because of his college stats. Or, is it because he is undersized, has limited offensive skills, and didn't really defend in college? Without his college stats, Faried wouldn't even be on anybody's radar.
Plus, production does matter quite a bit, since it is a great way to see how players stack up against a similar talent pool. Would Jimmer Fredette have been a lottery pick out of HS? Brandon Roy? Dwyane Wade? Chris Paul? Deron Williams? Adam Morrison?
I'll take your post to mean that you don't really have a gripe, other than for griping.
Why not give Smith a chance to prove himself? All of this whining about wasting value and such seems irrelevant. It's Paul Allen's money, and maybe the team did try to move down, but couldn't.