Kaepernick had one of the best first starts in NFL history, at least as far as I can remember.
He was lights out and made all sorts of throws -- accurate and decisive. He is a much better thrower than I thought. Combine the big arm with his legs... wow. They really have something there.
Smith is a decent player but he's limited and is who he is at this point in his career; Harbaugh knows exactly what he will get out of Smith, and Jim knows that it isn't good enough.
I think he will go with the high-upside guy and see where that takes them this year and perhaps beyond.
Did you guys see the post game interview with Vernon Davis? He was like a 265lb. boy who just got EXACTLY what he wanted from Santa.
Not that my opinion really matters, but I'd go with Kaepernick and never look back.