There is a chance that copy/paste feature will be implemented in firmware version 2.1. Apple already mentioned that copy/paste will be, the question was when.
Some curious developer found the following within the English-language 'Localizable.strings' file located in 'System/Library/PrivateFrameworks/WebKit.framework':
Therefore, it's unclear whether those references represent the groundwork for upcoming iPhone features or simply exists as carryovers from the WebKit frameworks used to develop applications for the Mac and Windows PCs.