[eric-hu]

It'll be in (essentially) the same orbit, so it'll be drifting past the other satellites nice and slowly.

What are the range of velocities of objects in graveyard orbit? I wasn't able to find these numbers directly on a quick google search

[veehan]

The orbit you are in is directly dependent on your velocity. So if your orbit is similar to another objects, you'll be going at a similar velocity as well.

Put another way, if you are in the same orbit as another object, your velocity must be the same.

This illustrates itself in space docking procedures. If two objects are in the same orbit, one thrusting towards another in the direction of the orbit puts the first at a higher orbit and it'll rise with respect to second object. The converse holds true; thrust against the orbit and you'll fall with respect to the other object.

Thus, to dock, you have both crafts at slightly different orbits and the lower orbit will slowly gain on the higher orbit. In this way, one can control how fast the approach is. This will be how the satellite approaches debris most likely.