Does the recent news about vulnerability of usb devices to attacks such as
described in 'badusb' [*] mean that the usb reader into which the gnupg smart
card is inserted is also vulnerable to exploits ?

Sure.  But the *kind* of exploits are different.

If not, what is the essential difference that would make a usb memory stick
compromisable but not the usb smart card reader ?

Not only did I already answer this, but you included it in your email (as a quote).

"Smart cards work by storing the key in a method where it cannot be read
by the host computer.  Once a key is moved to the smart card, it ceases
to exist as anything other than a black box.  Data can be sent to the
smart card to be decrypted or signed, but the host computer has
literally no access to the cryptographic key stored on the smart card.

In a USB model, an attacker who can compromise your box can easily
acquire your private key: wait for you to plug in the USB dongle and
make a covert copy of your keyring.  In a smartcard model, an attacker
can't easily acquire your private key."

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