The new iPad has a virtual keyboard, along with all sorts of tips and tricks to make typing easier and faster. Because there are no CTRL or CMD keys, however, you can't copy, cut, or paste like you can on a Mac or Windows PC. Instead, there's a popup menu that appears at the tap -- or double tap, of a finger. There's a lot of functionality packed into it to, though how much exactly varies from app to app.
Your iPad allows you to easily copy text from most apps and web pages, and cut text from apps that support text entry (like Notes or Mail). They work the same way. Cut is useful when you want to move text from one place to another. Copy is useful when you want to share text with someone or move it into another app.
You can also opt to select all the text on a give page.
Once you're done copying or cutting text, you'll be able to paste it into an email, text message, into a form on the web, a Pages document, or any other app on your iPad that allows text entry.
If you're reading on your new iPad and run across a word you don't know, you can quickly and easily consult the built-in dictionary.
While the above features should be present throughout all of iOS, some apps choose to implement other text edit features.
If you are reading a book in iBooks you will also have the option to highlight text as well.
When composing an e-mail you'll have the option to increase or decrease the quotation level, or apply other Rich Text formatting like Bold, Italic, or Underline.