[...] it would take a lot of convincing for me to be willing to accept the Paladin's new Smite.
New smite power depends heavily on the types of encounters you run, much like Ranger's Favored Enemy and Rogue's Sneak Attack.
For example, if you bombard your players with single melee mobs of outsider (evil) kind, then you are likely to get what you are worried about.
On the other hand, if your bad guys come in crowds, use elemental minions or mercenary troops, and if the real villains use ranged attacks, than the new smite as good as non-existent.
My advice is to vary encounter types - let the character shine during one, and allow someone else take the spotlight during next one. You won't regret it, I promise.
Overall, the new version of Paladin repairs class reputation (i.e. Paladin being a hot air balloon) since, unless GM pandered to paladin needs, the class played as underequipped version of a Fighter. Yes, the save bonus was nice, but once a few levels flew by, class weakness was becoming pretty obvious... (I'm talking about core paladins, not optimized monstrosities from 1001 books of power).
Regards,
Ruemere