I am posting it here before someone at Apple patents it. I call it the page stretch. The behaviour is similar to that obtained using a piece of latex with printed text. If you fix it to one end and pull at any particular place the resultant behaviour is what the page stretch effect would look like.
Assume that the list/screen is made of latex, scrolling down when we are at the top of the page stretches the content from the top of the screen till the location of the finger. This can be uniform stretching along the x-axis or non uniform stretching with the maximum stretching taking place at the coordinates of the finger. Aternatively the stretching can be uniform with more stretching on the top of the screen. I am not very good at doing illustrations, but a crude mockup is shown below:
|Uniform Stretched List|
|Non Uniform Stetched List|