Just as The Phinsider did, SB Nation's Big Cat Country has taken a detailed look at Justin Smiley's recent injury issues. While they both agree that Smiley is a risk, BCC calls it a low-risk, high-reward situation.
The Jaguars are certainly taking a risk in acquiring Smiley knowing that he could blow out the shoulder at any time and be of no use at all. However, considering that the price to acquire Smiley was a conditional 7th round pick, basically the lowest offer a team can make, the risk is extremely low and the reward is potentially very high.
If reports are accurate that the risk is a seventh round pick, then I'd say Big Cat Country nailed it. Smiley has the potential at least to develop into a starting guard whether that's for the short-term or long-term. That's more than most seventh round picks.