Not quite drag and drop. You just create playlist in itunes click and sync. The app changes music format from itunes to mp3, which really is freaking fantastic.
In the past itunes users were kinda locked into that format without complicated conversion gyrations. It was one of the main reason people went iphones in the first place for itunes compatabity. This Isyncr is going take a big bite out the apple when more folks realize these new apps exist.