Still working for me, using Black Hole 2.14.
Open up one of your favourites, by bringing up the channels, pressing the Blue buton, and selecting the Bouquet folder you want to edit. Press the menu button, and select Enable Move Mode, navigate to a channel, press the OK button, then move it and press OK when finished.
If it isn't working then the image must have become corrupted. Have you loaded any particular plugins recently?