Are you sure this is really even the PB browser v2? That wouldn't be necessary for testing OS2 app compatibility... It could be a minor version bump, but considering the end user features were intentionally removed, I kinda question it...
You can rearrange them, but it doesn't accomplish much.
In list view (and apparently only in list view) you can select the edit button and you can then touch/hold/drag your bookmarks around to arrange them. But after closing and reopening the browser they go back to their original spot.
Still can't edit or rearrange bookmarks.
I still see a lot of checkerboarding on large websites.
No improvement in Javascript performance (and worst in one case):