I checked to see if there were new options or just options I've not seen yet for the smudge tool but it's the same. I also played around alot using the Brush Settings for the smudge tool and there's nothing that affects the drag or smudgeness of the tool. Even without any brush settings, or any other settings (for example, Mode, Sample All Layers, Finger Painting, and the Size Pressure button) the smudge tool will drag alot more with 99% than 100%.
I have the same issue going on since Photoshop CS6, I am still on Photoshop CS5 at work, because of that exact issue. I don't know why this problem has been ignored by Adobe and carried on even to the latest CC 2014 subscription.
Apparently not many people use the smudge tool at 100% pressure. As a concept artist I practically use this feature almost on a daily base and I find it extremely useful - feel free to visit my portfolio: http://www.inetgrafx.com to see the smudge tool in action :-)
It would be very much appreciated if a developer could fix this tool as shown below:
in short: it works perfectly fine in CS5 and I wished I had exactly the same functionality back again for a future version of Photoshop,
For right now my work around is the use of a hard round brush and all settings disabled - maybe that would help someone who experiences the same.
Thanks a lot and best regards,