Previewed at WWDC, launching in the fall.
iPhone 1.1.3 to Include Copy/Paste?
According to the rumor site, Apple intends to include copy/paste functionality into the final version of the 1.1.3 update. No details on how copy/paste would be implemented, or even when the 1.1.3 update is expected. MacScoop has provided small rumor tidbits over the years, and was one of the first sites to predict the coming of the new ultra-portable Apple laptop.
Copy and Paste has been a much requested feature that is absent in the current version of the iPhone. The desire has even prompted a mockup video demonstrating how Apple might incorporate multi-touch Copy/Paste functionality into the iPhone.