We had some reporting yesterday about Copy and Paste in Windows Phone 7 was limited to text boxes in 3rd party apps. What was not reported as widely however was that it was not limited in the same way in the native OS apps such as IE or the email and Messaging app. This is of course important for cutting and pasting from the internet and email messages, the main source of new information on a handset, and of course devs can program their app (if it has a lot of copy-worthy content) to make it accessible.
Of note is that this is the same as on the iPhone, so should not really alarm people.
The first update which brings copy and paste to Windows Phone 7 is expected in a matter of days, and likely before the second week of February.