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I recall learning that most of what we commonly consider to be 'taste' is actually derived from smell rather than the sensory input from our tastebuds. So losing smell seems like a double-whammy. I'd just lose the tastebuds.
You're correct. We still only have 4 (well, there's a lesser known fifth and even a disputable sixth) tastes... the same ones that you probably all learned in grade school. Salty, sweet, sour, and bitter. Your nose is what allows you to enjoy chocolate so much more than an apple or table sugar (texture aside). Both are sweet, but they have a different smell. This is also the reason why people commonly can't taste food when they are congested. On the other hand we have hundreds of "smell buds". I'd probably rather lose taste as well. A lot of compulsive eating has to do with the brain chemistry's response to detecting salt and sweet (it may also hold true for the fifth taste). I imagine a lot of you or people you know can go through a whole bag of potato chips or candy and you'll think, "Oh just one more... this is my last one," but it's more like, "Yeah right... Ima eat this whole fuggin bag!" Well, that's why... you're basically addicted to the signals in your brain telling you to keep wolfing that **** down.
So on the plus side, managing a healthy diet would be super easy without a sense of smell because eating wouldn't be nearly as enjoyable. Without taste it wouldn't be as addictive (if that's a problem for you... I get that way sometimes).
Hell, I love all my senses. I wish I had more of em.