Copy and Paste on an iPhone?

Boy Genius Report has the skinny on a new application called Magicpad. Seems its is currently under review for release in the App Store and contains the following features:

MagicPad is a note-taking app that includes a handful of basic ‘word processor’ functionality such as the ability to change font size / color and yes, copy / paste functionality. Of course copying and pasting text is limited in this application as you can only copy text within MagicPad and paste it within MagicPad.

Still a step in the right direction.