Microsoft has announced that, based on user research, they are eliminating Copy-and-Paste in Windows Mobile 7.
Microsoft seems to be making a common mistake here -- mistaking infrequency of a user action for unimportance of a user action.
(Be sure to listen to the audio).
Apple made the same mistake. I was so relieved when the iPhone got copy-and-paste (and impressed with how smoothly it works). I use it as well on the Android phone.
But I don't use it very often. But I Was Real Pissed Every Time I Couldn't Copy Something on the iPhone.
Microsoft's alternative of parsing the text and offering operations on it is good. When that offers what you want, that'll be better.
The rest of the time, however...