Well, this is a hack in the most literal of senses but it could be useful in a handful of circumstances…
In fact, it doesn’t require anything to be installed, so it avoids the App Store altogether. As you can see in the video, 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.
While this is not full copy and paste capabilities, I, for one, welcome the ability do exactly this, which is basically what I want to do 95% of the time. According to Jed Schmidt, creator of Pastebud, they have been testing it for about a week and they are now "putting the finishing touches on the web site before launch".