Totally right. What makes anyone think someone who is well trained in the use of a firearm and required to practice with it regularly so they're prepared to use it as they are likely to need to in the line of duty might be more responsible than a guy who passed a background check keeps his gun in his closet for months or years at a time? And with all those incidents of criminals using firearms acquired from police on a daily basis, it's a wonder we haven't taken their guns away already!
Seriously, though, this is a stupid argument. Obviously the police won't and shouldn't be required to use them until the technology is reliable enough that it won't fail more than the officers do. For everyone else, I'd wager the failure rate is much higher than that, when you consider the problems a smart gun may solve. Just to throw out some wacky numbers because I don't know the real ones, if there are 100 incidents where a non-police firearm saves a life a year, and one accidental death a smart gun could have prevented, then the failure rate for the smart gun should be lower then one percent to justify it's use. Obviously it's more complicated than that, but you get the idea.
Now, if you want to make all of the training the police go through (for as long as you have a gun, not some one-time class) a requirement of owning a gun, then you can compare police having firearms to everyone else having firearms. And before some guy jumps out to say "I train more than them," it isn't that I don't believe some people can be trusted as much as police (maybe more) with firearms, it's that these laws apply to everyone.