I think Moodle is operating at a larger level of granularity with courses containing more content. If they have no pages but just a flow of content on a single page then the scroll-of-death will creep in. Therefore Versal's methodology is more akin to a course being a module or part module in a physical 'course'.
I looked at how the drag and drop could be implemented and currently the code in the '/course/yui' folder and not down at the course format level - that is not to say that a format could replicate and adapt it though. Currently I'm still learning YUI so slightly out of my depth in this area, somebody like Davo Smith or Andrew Nicols would know what to do (or the authors of the current code ).