I previously discussed whether or not copy and paste were needed on the iPhone and after several months of using other devices I emphatically believe it is needed. I actually had to switch back to my Treo Pro a couple of times because I needed copy and paste to get some things done, primarily copying content and email addresses to put into another email message on several occasions. I just read where Michael Gartenberg stated copy and paste is now here for the iPhone and iPod touch. I followed the link to the source and see that it is truly now available for jailbroken devices. I plan to pull my jailbroken iPhone 2G out of the cradle at home and try it tonight.
There have been some other limited solutions for copy and paste, but this latest capability looks to be available across all applications where text is entered. Apple needs to implement this same capability on a future update before I will even consider buying an iPhone to replace my original model.