Breaking news, especially for you; proud iPhone 3G and upgraded first gen iPhone owners: a workaround to enable cut & paste feature in iPhone has been found! And it's called OpenClip.
OpenClip is an open source project, so that means it is free. And the best of all is that OpenClip doesn't violate any iPhone SDK agreements, meaning you don't have to jailbreak your iPhone for it. How's that possible? According to what's explained in its website:
OpenClip utilizes a shared space on the iPhone. Applications that use the OpenClip framework can access this common area to write to and read from, allowing copy / paste between participating apps.
Excited? Don't yell out on the top of your roof yet, because here comes the catch behind OpenClip: OpenClip is not an application for your iPhone that can be installed. Rather, it's a framework that developers can integrate within their apps, giving them copy / paste functionality with other participating apps.
So either you wait till the software developers of your favorite apps adopt OpenClip, or you can write a friendly email asking them to implement OpenClip in their apps. Remember, ask nicely. ~LOL~
To know more about OpenClip, you can find most of the answers at its FAQ page. For the already supported apps, see them at this link. And if you wanted to know more behind OpenClip, you can visit Cali Lewis' article at GeekBrief.TV (found it via Just Another iPhone Blog). And if you're too laze to go there, then I've embedded the video interview below.
Cut and Paste for iPhone from Cali Lewis on Vimeo.
[blogged with my Treo 750v]