I, too, have not been able to consistently use Preview drag/drop since updating to Yosemite. I'm on a mid 2012 MBPr. I have no anti virus software, etc. on my machine and I feel as though I keep it very clean - apps from the App Store only. Anyway, I use Preview daily...literally dozens of times as I need to markup, combine, work with PDF files constantly with my work.
It's very clear Apple made changes to Preview for the Yosemite upgrade. Unfortunately I don't see anything that's to our advantage. When you click on Text, or Arrow or rectangle rather than selecting what you want to do, and then click/drag WHERE you want to draw or type...we now get a Text Box or Arrow in the middle of the page and then have to move, resize, etc. Very very time consuming.
However, I can handle that, but not being able to combine pages honestly I cannot move forward. It will 'occasionally' drag/drop a page or two at a time but it seems whenever I have to drag/drop more than 2-3 times per day, it locks up. Restarting, Verifying/Repairing disk (no repairs needed on mine when I just ran it), etc. doesn't help. Going to another user also doesn't help (as I only have one user and guest, and guest has no privledges).
Anyway, could really use a fix regarding the drag/dropping as I've used Preview daily for years. It's an awesome software product but now honestly, it's useless. Thanks!!!