Hear, hear! I've made this same complaint on this site many times, but less eloquently. I frequently use spacebar to scroll down one page. More and more I have to hit space, then up arrow a few times. :(
Space-scrolling doesn't work anyway, because when you're about to hit the bottom of the document, you don't know where to continue reading. If space-scrolling were smooth, this problem probably didn't exist. But still, in its current state, I'm not using it.
Both IE and Chrome show the same behavior. My expectation on sites when I hit space or pagedown is to scroll down mostly one full page, leaving enough to get context of where I left off.This site scrolls past that point so I can't tell where I was.