Thank you for your post, and reporting this.
We can assure you that your Node exists in its new location but the Node List View has not been updated. The List View will be updated as soon as you reopen the project.
Our investigation has confirmed that, after performing a cut of a child Node and paste (or drag and drop) as a first level parent Node in the folder hierarchy, the operation completes successfully. The List View is only updated to show that the Node is no longer in its original location. The List View is not updated to show the Node in its new location. As soon as you reopen the project (after saving and closing), the List View will show the Node in the new location and the Node will contain all the existing content.
This issue will be fixed, at the latest, in Service Pack 1.
In the meantime, if you need to move a child Node to a first level parent Node in the folder hierarchy, I recommend you perform a copy and paste operation as follows:
1. Copy the Node then paste in the new location
2. Delete the original Node from which you copied