That's all you're going to see in CS4. The enhanced layers panel was added
Oh, I see. I didn't realize that since in my CS4 Illustrator I have already the "enhanced" layers panel.. So how do I re-assign existing objects to a new/different layer then if not by drag-and-drop in the panel?
When you select an object there should be a colored indicator square on the right edge of the layer name. Drag that to the new layer. Or you can cut, then paste in place on the new layer (with Paste Remembers Layers turned off).