Hi,
I wrote an app that simulates this, pretty well I might add. I have an older Unibody Macbook Pro which this works on - I haven't tried it on older MacBooks but should work on any multi-touch capable pad. Check it out:
http://inertial.keeener.com
i have installed the new updatesthe scrolling is super, but at the three finger option, you have to select between forward/backward swipe or dragging
i would love to have both enabled