I can confirm on Jaunty. The alt key does not work. Current workaround: 
1. Right click on panel you want to move.
2. Select Properties.
3.Un-click the expand box.
4. Move panel to where you want it.
5. click the expand box
That should do it for now.

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Cannot move panels in dual-head non-compiz gnome desktop
https://bugs.launchpad.net/bugs/337468
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