According to a recent video cast from the guys over at Diggnation the heavily sought after and seemingly forgotten promise of cut and paste on the iPhone is finally on the way.
According to the video, to invoke Copy and Paste, you just need to simply double tap on the word, and a magnifier bubble will appear with two quotes that you can drag around your selection. Once you make your selection, you can copy, paste or cut.
Copy and Paste will be arriving in 3.0 alongside a much improved homepage/springboard with the ability to organize in categories.
We have attached the video below, but be warned there is some adult language used throughout.