It provides an visual effects engine, a drag and drop library (including sortable lists), a couple of controls (Ajax-based autocompletion, in-place editing, sliders) and more. Be sure to have a look at the demos! API Documentation and Reference. Drag Drop. «Back to Graphics by Greg This example shows a list of lists.
You can drag the different items between and within groups, and then you can drag the groups themselves. As a side note, this also uses the Scriptaculous 'Builder' object to build new groups. Script.aculo.us Tutorial.