In 1.55, when you were moving points around, you would left click your mouse and move the points. The draw size would be the influence area…but if you held on the left mouse button and moved away and back from the points(while you were moving them) the influence area decreased on the fly. I found this a very natural way to model. Alas, it has been superseeded. 
It’s still there. Activate Preferences>Misc>Auto Tighten Cursor
D’oh! Thanks man.