A Web-based application is expected to help frustrated iPhone users desperate to cut and paste content. Users have been waiting for the functionality since the first-generation iPhone. Pastebud may solve the cut and paste problem. The application that allows users to cut and paste in the Safari browser and in e-mail is slated to launch today. Creator Jed Schmidt says it's complete but he is working on making it look pretty. Pastebud bypasses the App Store and makes the functionality available to users without requiring any software downloads. Instead, the application uses JavaScript and bookmarks.

However, Pastebud is a Web-based application and only works with the Safari browser and the iPhone Mail application. If anyone is going to deliver full-fledged copy-and-paste, it will most likely need to be Apple itself.

Source