You know how Microsoft Office's clipboard lets you keep track of everything you've copied and pasted on your PC? This is like that, for the iPhone. Except flashier, and with wireless syncing.
Pastebot's core functionality is to act as a basic clipboard, collecting your various copied snippets and photos into a browsable archive. It can handle anything that the iPhone can natively, meaning text, photos and HTML content copy fine, while videos, audio, or browser plugin content don't. Once the data is collected, Pastebot can process it—photos can be run through filters, HTML can be parsed, text can be converted to uppercase or lowercase, etc. To put a clipping back onto the iPhone's main clipboard, you just select the item, and it's ready for pasting.
Pastebot's real victory is its free sync app, available for Mac. When this is running on a computer in the same wireless network as the iPhone, which is also running Pastebot, anything copied on the computer is immediately synced to the iPhone, and anything copied on the iPhone can be synced to the desktop, where it replaces whatever is currently in the OS X clipboard. Watching whatever you copy pour onto your iPhone is a joy, not least because the interface on this thing is beautiful.
My one gripe: Since apps can't run in the background, in order for Pastebot to collect what you've copy, it needs to be started. That's each time you copy something—if you couple more than one thing in a row and then open Pastebot, only the latest will show up. Still though, this is some tremendous utility for $2. [Pastebot]