This somewhat creepy, but well-produced, video shows a copy and paste concept for the iPhone, using one finger to bring up the magnifying glass and a second tap to activate the clipboard. It's a good gesture idea, but could be complicated to learn for some users, specially when Apple could just add an icon to the bottom menu to activate the clipboard mode. But at the end he says he loves us, and we like that. Even when it freaks us out too. [Vimeo]
Problem though... you can't use the same gesture to summon both the copy AND the paste functions. They need separate unique gestures or buttons. For example, with this concept I could not copy something, change my mind, copy something else and overwrite the clipboard, and then paste the last copied item. My second attempt to access the copy function would actually summon the clipboard, and that's not what I would want.
I would also argue that the double tap thing is a bit clumsy and not very natural. For example, selection could be done with one multi-finger gesture, and copy / cut / paste could be done with unique gestures or buttons. Or singular natural gestures could be developed for select & copy or select & cut, etc.
That all said, the dialog and video are priceless :D