There are a bunch of different “interpolations” that you can choose from, including “back”, “elastic”, and “bounce.”
I’ve updated my FlickrViewr to use this animating wrap panel with the “elastic” option. In my totally unbiased opinion, it looks pretty hot. Though, as Dave pointed out, “elastic” is a bit much for a “real world” application – for a more sane UI, try “back” interpolation.
(See the original post for more info & source code.)