Aye, smite isn't as good as some things. Paladin provides the earliest entry into the bone knight class, which is what I'm really looking forward to.
I took a glance at dragon 349, and it has a 'hunter of fiends' feature that swaps smite evil for favoured enemy (evil outsiders), with the bonus equal to 1/2 your paladin level. While a 5th level paladin going on bone knight would only have a +2 on bonuses, if you waited until paladin 10, you'd have a +5 bonus which isn't terrible (but paladin ten, gods)
Still, it's a way of getting favored enemy as a class feature, which conceivably could let you trade it again for mage hunter from complete mage (favored enemy arcanists), which would definitely be more useful to you.
Probably more into the realm of DM fiat there, but workable. it'd also get around the class feature loss from bone knight.