No. It goes against the sacred covenant we have with the canine species. We have coexisted for thousands of years, and they have been domesticated. They are "man's best friend". Some cultures have gone astray from this covenant, but that doesn't make eating them okay. Pigs are just as smart as dogs of course, but no covenant exists with them. They have been bred for food. Dogs have not.
I also like the inefficient argument. Why eat another carnivore (actually, aren't dogs omnivores?)
Sacred covenant? Also, re: inefficiency, you might as well turn that into a case for vegetarianism.