Correct, you cannot drag and drop the order, but what you can do is select a sorting order that makes sense. When a list is sorted, certain divider bars appear in the list, and you can use these for your "optical navigation". You should also use saved searches (corresponds to RTM's smart lists), because by getting rid of everything you do not want to see opens new avenues for how you might want to sort your list.
Persionally, I use the Status field as my main control field, and I usually have my lists sorted by Status, Star, Priority. Through the saved searches my lists are usually heavily filtered, i.e. everything on them is things I want to see, which means I can sort them in all kinds of orders without risking any "junk" floating up to the top, no matter how I sort them.