No, it is not a Flash feature at all. The effect on the site you mentioned was done in Macromedia Director, the advanced programming platform for animations.
You can create something similar in Flash also, but it just won’t bounce back when you near the edge. The URL for that is: www.kirupa.com/developer/dragdrop.asp
What you do, is instead of using the small circle like I did, you would instead use a movie clip with all the information in it instead. Also, you may wish to set Vertical restraints on the object…so the user won’t drag the object vertically. You only want the object to scroll horizontally for that effect.
I hope that helped. If you have any further questions or comments, please don’t hesitate to reply back.