That is all.

Actually, there’s more. Here’s how it works:

• Double tap a word to highlight it – cut, copy, paste will be shown above it.
• For a block of text, double tap a word and drag the edges out further.
• Copy and paste works across all applications.
• Paste the wrong thing? Shake the iPhone to bring up and undo button.
• Available now for developers, and then sometime in the summer for regular people like you and me.

That is all (for real). And it only took two years!

iPhone OS 3.0 [Apple.com]