I agree with you! I really don't get it. What am I suppose to do with a copy/paste option on an iPhone?
I think it's because it's the only compelling feature of Windows Mobile that we don't have... you know, you hold down the little stylus to pop-up/copy... then hold it down to pop-up/paste. Very applesque feature don't you think?
Joking aside, I suppose copy/paste from/to an email or a something off of a web site could be useful...