Want iPhone Cut/Copy and Paste via Bookmarklet?

The previous attempt to make an end run around the iPhone's lack of cut/copy and paste involved shared code called OpenClip and relied on a loophole Apple closed in iPhone OS 2.1
This latest tilt at the text editing windmill targets only 2 apps instead:
Pastebud—as the service is called—works using two bookmarks in Safari. One prepares and loads the page you are viewing, ready to select text at the touch of a finger. From there, you can copy any text you want and create a new mail message with that text in it. In addition to that, you will be able to copy and paste in the text field of a different web page.
Check out the full story and video over at Gizmodo. And then let us know if you think this is enough -- for now -- to satisfy your cut/copy and paste cravings?
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Rene Ritchie is one of the most respected Apple analysts in the business, reaching a combined audience of over 40 million readers a month. His YouTube channel, Vector, has over 90 thousand subscribers and 14 million views and his podcasts, including Debug, have been downloaded over 20 million times. He also regularly co-hosts MacBreak Weekly for the TWiT network and co-hosted CES Live! and Talk Mobile. Based in Montreal, Rene is a former director of product marketing, web developer, and graphic designer. He's authored several books and appeared on numerous television and radio segments to discuss Apple and the technology industry. When not working, he likes to cook, grapple, and spend time with his friends and family.