"what's burning?"

Well it was late spring in the old Cessna 152. My friend a
non-current pilot and I went up to put some holes in the sky. We did
some touch and goes at 2 airport not more than 30 miles from my home
base in central Connecticut. We flew low down the Connecticut River
enjoying the view. As we, approached Long Island Sound at 1400 feet we
flew down the shoreline and then headed north toward the airport. With
a pattern of 1400 ft, I decided there was no reason to climb.
Just then, I got whiff of a strange odor. I looked at my friend
and asked, "Do you smell that?" He answered with a loud "YES!" It
smelled as if we were on fire, but smelled electrical. I could not see
a flame and the engine and gauges were fine. The smell got stronger
now and I started to get nervous, scanning the ground for an off site
landings spot, just in case. I made a quick decision to gain altitude,
while the engine was running. Just then, the RPM dropped about 300,
black smoke puffed from the cowling, and then the RPM came back up. We
both looked at each other with terror. The closest and most familiar
airport was only 8 more miles north, so we pressed on. I put the
throttle in and climbed to 2,000 feet and leveled, the engine was
running and altitude was my friend. I called CTAF and asked the Piper
in front of me to let me have priority, explaining the situation. He
kindly obliged. The CFI got on the frequency and asked about the
problem, which is explained. I stayed high until turning base leg,
when the "low voltage" light came illuminated. We landed nicely
and turned off mid-field of the 2500 foot paved strip, and I
immediately shut everything down and stop near the hanger. We climb
out enjoying the fresh air, trying to get the odor out of our noses. I
wrote down the Hobbs time and walked into the FBO, who was now happy to
see me and the plane relatively unharmed.
In a conversation explaining the events to the director of the FBO, he
immediately gave me the answer, that I needed to know, and a walk back
to the plane confirmed it. The alternator had seized, and the belt was
still attached. The black smoke and burning smell was the rubber from
the belt. The RPM drop may have been cause by the belt briefly
cinching up. It also explained the low voltage light as well.
I went home and enjoyed a few cold beers. The worst part was not
knowing the problem or what was going to happen next. The plane was
flying the next morning, and me, in the same plane the very next week.