I suppose that when you drag a window, it still slightly lags behind the pointer?
Yes. It still happens and it is still highly frustrating.
While poking and prodding the system in an attempt to narrow down the cause, I inadvertently stumbled upon a solution. If you have a classic Mac Pro, you can attach a secondary GPU to the system and disable its driver. This will force said GPU to run in framebuffer fallback mode, eliminating the window drag delay for the primary GPU. It also produces the secondary effect of increased mouse input latency, which got me thinking.
I believe this is a vsync issue, as the delay between the movement of the cursor and window always appears to be approximately 32ms. This would be consistent with the fact that OS X's compositor employs double buffering.
This is purely speculation but I would guess that Apple chose to draw the cursor independently of WindowServer in order to address the issue of mouse input latency, which was once a well known problem under OS X. In doing so, they introduced this new issue, which would explain the 32ms delay.
In fact, the same behavior can quite easily be observed under Windows, where the cursor is drawn separately from the Aero compositor. Simply grab a desktop icon and drag it around. You will notice exactly the same (albeit 16ms due to the absence of double buffering) delay that is found under OS X.
Which leads me to a more feasible solution. Windows must be eliminating the window drag delay with a little bit of (almost) seamless trickery. You may notice that upon clicking a titlebar under Windows, the mouse always flickers once. I believe this flicker signifies a transition from the cursor being drawn independently to becoming part of the compositor for the duration of the window drag.
This conclusion is borne out by the increased mouse latency felt while dragging windows under Windows, which means that Apple could quite easily implement a similar solution.
EDIT: In fact, I believe that it should be possible to fix this issue with a third party application. Hide the cursor when a window titlebar has been clicked, draw a new cursor onto the titlebar and reverse when the mouse is released.