Gestures in ConnectBot allow a user to do several things for which there's no keyboard equivalent. If the gestures seem backward, then imagine that you're grabbing the text and moving it with your finger.
Swiping your finger up and down on the left third of the screen will send a page up and page down key to the remote host. Many programs map this to scrolling back into history such as irssi or tinyfugue.
Page Up gesture
Page Down gesture
Swiping your finger up on the right side of the screen allows you to scroll backward and forward in the local terminal buffer history.
Scroll back gesture
Scroll forward gesture
Swiping your finger from one side of the screen to the other will switch between currently connected hosts.
Previous host gesture
Next host gesture