Finally, Apple has added the cut and paste function in their iPhone OS 3.0 software. Basically, "when you double-tap over text, you will get a "cut, copy, and paste" bubble dialog." Click here for the live event gallery.
This works across applications. You can expand your selection points using your thumbs and, if you accidentally paste something you didn't want to paste, just shake your iPhone to undo it.[via Gizmodo - Engadget]