The first implementation of copy/cut/paste is now available in the Apps Store in the form of MagicPad. This $3.99 program introduces some (awkward) tap and hold maneuvering that allows your iPhone to cut/copy and subsequently paste text. There are a couple things to beware of. First, you can only transfer text within MagicPad itself. Secondly, while the program allows for emailing your text – you must use MagicPad’s email client which contains an annoying CAPTCHA sequence. By the time I finish toying with entering in a CAPTCHA to my iPhone I’ll be looking for a regular desktop to complete my emailing. I guess this is an OK application if you want to create some fancy formatted text (6 fonts are supported) with colors (8 colors supported) and underlines and strikethrough. Because you have to do all your cutting and pasting within MagicPad, this application for me serves as an interesting advance peek at how (awkward) copy/cut and paste may eventually be in subsequent releases of the iPhone OS.