I see regenerating smites as more of a compensation for how many mobs you fight per shrine rather than compensation for lacking mounts, similar to how casting classes get SP pools instead of spells per day.
Having caster level = character level is nice, but honestly I'd much rather have the missing spells like bless weapon, shield other, un nerfed holy sword, dispel evil/chaos, greater magic weapon and maybe mark of justice.
On topic: Mounts would be serious out of place in DDO and having a pet substitute just isn't really paladiny. Paladins don't really need compensation for their loss, they need to be buffed so they're a relevant DPS choice. Hopefully soon we'll see what's coming with the enhancement changes and be able to give feedback, but until then all we can do is wait.