My game has had this bug for months, persisting through three complete re-writes of the touch handling code. I just spent a while updating StickWars to use cocos v0.8, and I was very, very happy to erase all of my painfully written touch handling code to use the much more elegant touchdispatcher w/ targeted touches.
The bug may stem from the fact that my game is not getting a touchEnd/Cancel call for every touch? This bug tends to happen somewhat rarely, I'd say one in a hundred touches. The result of sometimes not receiving the touch ended call is a figure being dragged is left floating in the air, and the only way to to fix it is to error check using a timer or when a new touch even happens.
Perhaps it is an error in my game logic, but I'd like to know if anybody else ever experiences this. I know I've seen the exact bug in at least one other game, and I talked to the dev who didn't understand why it was happening either.