By reorder in the minimized strip I mean that - Is it possible to drag and drop the TilePanes to any other location, like how in the PowerPoint presentation, the slides can be reordered by Drag and Drop.

The reordering in this component is possible when in Tile Mode, but not possible in the minimized mode. Is it possible in the minimized mode too?

Hi,
You can implement this functionality using the Infragistics Drag and Drop Framework.
This sample allows to swap two minimized tiles and to maximize the tile by moving it to the maximized area. You have to add refrence to the Infragistics.Silverlight.DragDrop and to set DragSource and DropTarget in a TilePaneContainerStyle.
Here is the complete code:
XAML
<igTV:XamWebTileView x:Name="tileView1" ItemsSource="123456789">
    <igTV:XamWebTileView.TilePaneContainerStyle>
        <Style TargetType="igTV:TilePane">
            <Setter Property="igDragDrop:DragDropManager.DragSource">
                <Setter.Value>
                    <igDragDrop:DragSource Drop="DragSource_Drop" 
                            DragStart="DragSource_DragStart" IsDraggable="True"/>
                </Setter.Value>
            </Setter>
            <Setter Property="igDragDrop:DragDropManager.DropTarget">
                <Setter.Value>
                    <igDragDrop:DropTarget IsDropTarget="True" DropTargetMarkerBrush="Gold"/>
                </Setter.Value>
            </Setter>
        </Style>
    </igTV:XamWebTileView.TilePaneContainerStyle>
</igTV:XamWebTileView>
C#
private void DragSource_Drop(object sender, DropEventArgs e)
{
    TilePane source = e.DragSource as TilePane;
    TilePane target = e.DropTarget as TilePane;
    if (source.TileState != TileState.Minimized)
        return;
    if (target.TileState == TileState.Maximized)
        source.TileState = TileState.Maximized;
    else
    {
        TilePanel panel = source.Parent as TilePanel;
        panel.Swap(source, target);
        panel.InvalidateArrange();
        Canvas.SetZIndex(source, 100);
        Canvas.SetZIndex(target, 10);
    }
}
private void DragSource_DragStart(object sender, DragDropStartEventArgs e)
{
    e.Cancel = (e.DragSource as TilePane).TileState != TileState.Minimized;
}
Regards,
Marin