I agree that smooth scrolling long text is hard to read and trips up line scanning, but this UX seems be like playing an cruel game where I have to drag just enough to scroll a whole page. Any more or less and I get a torn page that's even harder to read than normal scrolling.
I have an alternate solution to this problem: just hit space or page down when you're reading a long web page. It scrolls a whole page, with just enough animation to help you track where you are.