Not if the microchip gets fried; then it's just a piece of metal with a hand grip--and then how safe will one be using it in hand to hand combat?
How hard will it be to rig up a photo-capacitor to some coils and create a mini EMP generator. Then you could neutralize the smart guns and have your way with old fashion 'dumb' guns.
Oh wait, I forgot, the cops will probably be exempt from this technology.