What is the #1 most important basic feature that the iPhone has been lacking since day one? Copy & Paste. Yes it is more important than MMS; everyone would benefit from some nice copy/paste action (which is standard on nearly every other smartphone on the market). As of just a couple short hours ago the dream has come one step closer to reality with a Cydia app named Clippy.
Clippy is a new native app (not a web app) that allows you to copy paste between the stock iPhone applications like Mail, Safari, Notes, etc. While it doesn't work with some AppStore apps (it does however work in twitterverse & ireal) and you can only copy paste when you are editing txt it is a good step in the right direction.