I just saw today that there is an app that you can get to allow for Copy and Paste. It appears that it does not work in Safari. I can live with that. The ability to copy and paste is huge. One example is for a wireless network key that is 32 characters, get it in an email and paste into your key area. Typing that is a pain in the rear.
This app is only for those who have completed JailBreak
http://lifehacker.com/5136011/clippy-brings-copypaste-to-jailbroken-iphones-everywhere-except-safari