I like the swing a lot. Yes, there is some movement but it is synced very well. If you do knee lift, hand pump you have to do it exactly like him, I.e knee to front elbow and then separate as the knee moves back down again.
I would not teach that to a kid with limited body coordination but for a guy like Smith who has a little fringy (by mlb all star standard of course not by general hitter standard) batspeed but great plate discipline so that move can help him to get a little extra stretch in the load.
Obviously if you have a guy who has the batspeed but already some plate discipline issues you likely don't teach that move but if you have a well coordinated and advanced hitter with great plate discipline I'm not against doing some experimentation with that kind of load.