One sometimes bandied-about suggestion as to why the iPhone still lacks cut/copy and paste is because Apple hasn't figured out an elegant solution. They want a simple gesture that can be used quickly, easily, and consistently in any app, and is as intuitive to the user as pinch to zoom.
Well maybe we can help them out. If we want to see iPhone OS 2.3 at Macworld, or even iPhone OS 3.0 at WWDC in June 2009, how should they do it? What gestures should they use? What procedure should they implement?
If you were Steve Jobs, striding down the deep, dark sub-basement hall to the secret iPhone development lab, how would you tell the terrified techies to "just make it work"?