To move an event to a different time, you can long press the event in day view and move it to the desired time (with undo option).
By default the time can be set in 15 minute intervals, but you can change this in settings - gestures and buttons to 5, 10, 20, or 30 minutes or even have 2 different intervals (split left/right).
Drag to the all-day area to make an event an all-day event.
Drag to the large date field above the all-day area to move the event to a different date (a date picker will show).
When dragging recurring events, only the current instance will be moved.
To cancel an ongoing drag action, drag to the action bar at the top.
To create a new event at the same time as an existing event, simply long press and let go once the Drag and Drop action is initiated.