There are a few elements that utilize a tap hold feature. Apps and Widgets
If you tap and hold on an app that is placed on your mySB page then it will provide this menu.
Allows you to change the apps icon. This will open the icon browser and lets you choose any icon from any theme you have in /Library/Themes/
Allows you to change the app to another app
Remove From SB
Removes the app from the homescreen
Reset Icon Image
Resets icon image to default
Changes the opacity of the app you initiated the menu with. Value from 0.0 to 1.0
Move the icon left or right 1 pixel at a time. This is used to fine adjust an apps position.
Move the icon up or down 1 pixel at a time. This is used to fine adjust an apps position.
Closes the current menu.
If you tap and hold on an widget that is placed on your mySB page then it will provide this menu.
Removes the widget from mySB screen.
Changes the size of the widget. 0.5 would make it half the size 2.0 would double its size.
Some widgets this allows you to change the color or highlight color.
Closes the widget menu
If you tap and hold on an app while in the drawer it will uninstall that app.