I hope that cut/copy/paste, MMS, and data tethering are NOT the highlights of a major software update. I mean this is a next level update. Introducing 2 features that should have been included from the start does not constitute an apple event previewing them. There has to be something more to it. Let's see some improvements to notifications, the UI (springboard), keyboard enhancements, and more customization. Things like cut/paste, MMS should take a back seat to other features being debuted at event like this and for a software update of this magnitude. If Apple wants to prove that they're moving in the right direction without Jobs in the drivers seat they could wow some people by having features like those play second fiddle to some stunning new features.
Also if there's one thing I WISH apple would do is give me the option to NOT have my text messages displayed for whoever (my girlfriend) is around to see , I don't want to have to put a passcode lock on my phone to have the contents of text messages hidden. Give me a break.
Again don't get me wrong, I'm PUMPED to finally (hopefully) get those features of cut/paste/copy and MMS. But I think you all get where I'm going with that.