The only area I think where drag and drop has an advantage is if you want to be precise about where you drop and thus realtime feedback about where it will drop is useful.
ie drag and drop effectively adds a mode while you are dragging - and as such you can have mode sensitive UI feedback that operates only in that mode - not so easy with cut and paste - the UI doesn't know you are about to paste.
The only area I think where drag and drop has an advantage is if you want to be precise about where you drop and thus realtime feedback about where it will drop is useful.
ie drag and drop effectively adds a mode while you are dragging - and as such you can have mode sensitive UI feedback that operates only in that mode - not so easy with cut and paste - the UI doesn't know you are about to paste.