It's actually pretty amazing if you combine the stats for his last two ("bad") outings.
8 IP, 16 K, 3 BB, 1 HR
If you buy into DIPS theory, then K, BB, and HR allowed are pretty much the only stats that have predictive value. Hits and ER range widely from game to game.
Schmidt is fine. His next start's at Coors anyway, though, so benching him wouldn't be a horrible idea.