Update: Fixed with the adoption of slide navigation. Sliding through pages of apps doesn't cause this glitch.
Another super-micro, insignificant thing to post about, but here we are.
I've tried to capture this one in video since it involves animation (an iPhone video here). The quality is so-so, but you can also observe it first-hand on your iPad, if you have one. Watch the app title in the upper-left. It will shrink in height by a pixel or so before the animation to the next page begins, then grows by a pixel after it ends.
Once you've seen it happen, you can't ignore it and it will bug you until Apple fixes it. So, beware!
Observed on iOS 4.3.1 and many, many prior releases.