It's kind of starting to be a joke, this copy and paste thing. The latest promising-looking implementation, CopierciN (for jailbreak only via Cydia), acts as a middle man, importing text messages, your most recent emails, or your notes into a standard text editor, where you can then select what you want to "copy" and then "paste" that text into a new message or note (in their native apps). And in a new twist, CopierciN was written as a first project by someone who just taught himself how to program in Objective C. So now students are doing your dirty work and besting you, Apple-'bout time for you to jump in this ring, no? Read more here, and check it out (in early, rough beta form) via Cydia. [CopierciN]
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I've only needed Copy and Paste once on my iPhone, and it was to copy paste a number.. instead i just remembered it!