yes but you could still keep the battery at full charge and use the surplus amps to power everything else .
That's exactly what a conventional alternator does. Floating the battery at 13.8-14.4 V = keeping it fully charged and powering everything else from the alternator - all of the time the engine is running.
What a "smart" alternator does is to allow the engine ECU to reduce this voltage to perhaps 12.5V during cruising and acceleration conditions. Not low enough to seriously deplete the battery, but low enough that the battery will take no charge whatsoever unless it's pretty flat and, if it's fully charged, it will supply the car electrical loads. When braking, the voltage can be raised higher than the normal alternator output, to perhaps 15 volts or so, rapidly charging the battery and taking over all electrical load.
Don't forget that such a vehicle will probably be cursed with "stop-start" technology, so the loads on the battery are going to be quite high during normal driving as the battery repeatedly starts the engine and runs the accessories while the engine is stopped. By only replenishing such loads when the car is braking or when the battery does get low enough to cause concern, you save a little fuel.
Granted, the battery is going to keep getting cycled between partially discharged and fully charged, which will shorten its life, but since when have environmentalists been able to see the big picture?