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If you're not running fullscreen, how do you do the picking?
Even worse, you may not even know until well into the gesture. Because what
looked like a pinch gesture at first is actually two index fingers of two
users that both tried to move an object towards them. Oops.

Oh, and there's also some fun in providing touch support in standard apps that
think that your fingers are a mouse.

Cheers,
  Peter

PS: google for multi-touch demonstration and try to find one that doesn't just
use one full-screen app. Not a lot of them around.