The patent involves touching down on the display, on or off a specific object, wait a bit, and move the finger in whatever direction. Move it to the left, for instance, and the object goes with it.
Unfortunately for Apple, this gesture is nothing new as this has been done in games and apps. It has also been used to move between cells in a spreadsheet and browser tabs among other things.
And if in case, God forbid, the patent would be granted to Apple, then some enterprising folks might also want to patent the circular leg motion while riding a bike or pressing the telephone dialer.