The Select mechanism alone is very useful, if only for deleting blocks of text (i.e. select then delete the selection). Sure beats holding down the delete key and waiting.
But yeah even though I've gotten used to not having copy & paste over the past year and a half, there are many, many places where it comes in handy. Heck, even just pasting your name when you configure your email accounts (so you don't have to retype your name in every single account) is handy.
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iPhone 3GS 32 GB
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