wot? Really? Are you sure. I mean it was there in previous version. My old Nokia 7650 had it, I need it.
Update: We just super-double-ultra-plus-confirmed this with Microsoft -- Windows Phone 7 Series will not have copy and paste functionality. There is a data-detection service built into the text-handling API that will recognize phone numbers and addresses, but Microsoft says most users, including Office users, don't really need clipboard functionality. We... respectfully disagree? Sure, let's leave it at that.
Wow. Just wow.