Nolan Smith was the safe pick, no way around it. His skill set (shooting, pg skills, defense) is average and his experience makes him bankable. He's a backup point guard, sorry Nate, who doesn't project as a starter in any way.
Now, if the team had just lost the WCF and was getting a healthy Oden back I could see playing it safe with the 21st pick and getting a guy who you know will produce. But the Blazers didn't get close to the WCF and this team still needs talent.
Players like Jackson or Morris, or even a Jeremy Tyler type (later in the draft) have untapped talent, they also have question marks. For this team to truly compete at the highest level, I felt they needed to swing for the fences and get some talent, even if it left things a bit uncertain. They obviously disagree.
The only upside I see is that the team is loaded with assets (especially if Deibler goes to Europe). Those assets strengthen their position pulling off a deal in next year's draft (or the deadline this year). With Felton and Smith seemingly locked in the starter and backup role at the 1, the team is in a good position where they can focus on the remaining need...a big. Plumlee anyone ?