iPhone not having copy & paste is bad

According to Jakob Nielson the iPhone doesn't have copy & paste. This is bad. For me, at least, copy and paste is a major mechanism for exploring the internet.

• copy a word or phrase and paste it into Google - does the iPhone have a "highlight and search" mechanism?
• copy a url and then paste it into the browser address bar and hack it
• copy a snippet from a page I'm tagging and paste it into the comment
  

By not having this mechanism my universe is made much smaller to no benefit for me that I can think of.