I love the boom and flash and heavy recoil of black powder, but the reason always given for the heavier felt recoil seems incomplete. Absolutely, that 50% of the powder charge that remains unburned and is ejected with the bullet has some effect, but it cannot be all of it. In my 44-40 revolver, for instance, Swiss FFFG feels a whole lot stiffer than Unique, even when the muzzle velocity with the same bullet is similar. But 50% of 35 grns BP is only 17.5 grns, much of which remains in the barrel as fouling. Adding 10-15 grains to the bullet (5-8% of a 200 grn bullet) would not make that much difference in felt recoil.
In my opinion, the other reason is the extremely fast burning rate of BP, resulting in an almost instantaneous "hammer blow", rather than the slightly longer "push" of progressive-burning smokeless. While the total recoil energy (mass x velocity) may be the same, it feels stiffer with BP because it is felt less (in microseconds) gradually.
However, that's just my engineer's guess. Anybody out there have some real information?