As you saw in the demo video, Pastebud works via two Javascript bookmarklets that you save to your Safari browser (and edit slightly). The COPY bookmark translates whatever page you're currently looking at into a text-only version, where you can highlight your desired text. This can then be moved directly to an email, or saved to your virtual clipboard (stored on Pastebud's servers, but anonymously and only for five minutes, they claim).

Pasting text back into another web form via the PASTE bookmarklet is easy—after tapping it, a green box labeled PASTE HERE is overlaid onto any open form field. Tapping that drops in your clipboard's contents, preserving any HTML that was there if the form supports it.

But, of course, there are some drawbacks. While pasting to and from different Safari windows and emails covers a lot of one's copying and pasting needs, it's not anywhere close to the convenience a system-wide solution would bring. You still can't paste the URL to the cute kitten photo you're looking at onto your Wall via the Facebook app, for instance. For things like this, being able to access Safari's URL bar would be nice, since natively, you can only export your current URL via Mail.

Also, the free version inserts a small one-line ad for Pastebud; $5 turns this off, and also eliminates the popup that appears whenever you paste. $5 isn't too bad though, for something that's ultimately pretty convenient. If you're betting on Apple's year-plus delay on coming up with a copy and paste solution carrying on, it's not a bad investment. Check out Lifehacker as well for more impressions: [Pastebud, Lifehacker]

Unlike other approaches, it works with the two apps that matter most, Mail and Safari, and gets around Apple's onerous App Store terms through a clever combination of javascript bookmarks and web services.

In fact, it doesn't require anything to be installed, so it avoids the App Store altogether. As you can see in the video, Pastebud—as the service is called—works using two bookmarks in Safari. One prepares and loads the page you are viewing, ready to select text at the touch of a finger. From there, you can copy any text you want and create a new mail message with that text in it. In addition to that, you will be able to copy and paste in the text field of a different web page.

While this is not full copy and paste capabilities, I, for one, welcome the ability do exactly this, which is basically what I want to do 95% of the time. According to Jed Schmidt, creator of Pastebud, they have been testing it for about a week and they are now "putting the finishing touches on the web site before launch".

By the looks of it, it works fairly well, using the magnifying glass tool to drag out a selection, although it looks like it's difficult to place the cursor correctly since you're unable to drag through a line of text without making a selection.

Proximi is planning on releasing its own proof-of-concept videos which further illustrate how their method could be used system-wide (how they will do that under the developer NDA is unkown). But first, the truly interesting question is whether MagicPad will get the stamp of approval from Apple and make it out to the App Store. They've said they don't care, but whether they let a 3rd party app tease what's in such high demand will be the true test. It looks like it's using an unorthodox email system (CAPTCHA??) to email notes as well, which probably lessens its chances. [Apple iPhone Apps]

[iCopy via iPhone Atlas via Wired]