I'll go ahead and make a prediction.
A coming rev of the iphone firmware is going to introduce pinch-based cutandpastability. The question is how they are going to differentiate between cut and copy. If the input driver can handle more than two touch points, maybe a pinch could be cut and hold-and-pinch (putting your finger on a selection and pinching with two other fingers) could be copy.
Come to think of it, do you really need cut? It's just copy and delete.