OpenClip has come up with the much desired free application framework for the iPhone to copy, cut and paste content. It works with the WordPress iPhone application by placing the copied data to a shared location in the iPhone memory which is then accessed by other applications. The application was released on GeekBrief.tv (who were at WordCamp Dallas and are WordPress aficionados) and seems to be getting a good response.
Anyone test it out yet?
[EDIT] As pointed out by Jason in the comments, OpenClip is not an application by itself but a framework that can be used by iPhone app developers to add the copy and paste functionality to their applications. OpenClip will only support copying and pasting of text between applications that support the OpenClip framework.