Assuming that it only does copy and paste within the app itself, it doesn't seem very helpful. There were a few apps like this awhile back, but personally I can wait for the 3.0 update.
I actually just got it now. I'm glad I did.
It does a real copy & paste not in the app itself.
You can copy any text on websites and paste to other websites.
I just couldn't wait for 3.0 since it looks like July 17th.
It's really helpful for me to post stuff for my blog and tweeter right on my iPhone.
I've got this app too.
I can easily tell you that it is one of a kind.
If you are on iPhone 2.2/2.2.1 and you are a copy/paste freak like me, you need to get it.