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It's frustrating when you make a typo and don't notice right away and then have to delete several letters to get to the mistake as a lot of times you can't touch and get the cursor in the middle of a word etc.

Tap and hold until you get the magnifying glass, then slide your finger to position the cursor.
 
Yes, the magnifying glass option works, but incredibly slow and inefficiently against just tapping a key on a keyboard.

Actually one of the main reasons I don't use my iPad very much for this type of thing is that's it's so slow and cumbersome to do editing, and copy/paste things around.

It takes a split second on a computer to do these things, but it's just slow and clunky on the iPad.

Of course, if the iPad is all you have with you then it's fine as it's better than nothing.
 
Yeah, arrow keys would be great. What also annoys me is that not all programs can even use the arrow keys when you are connected to a bluetooth keyboard -- like citrix.
 
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