One feature found to be missing from the iPhone is "Copy and Paste".
If Apple decides to implement this feature in the iPhone, the obvious question becomes... how? The iPhone does not have the traditional menu bar to allow users to select "copy" or "paste". What's interesting is that Apple has tackled this issue before in the Newton -- Apple's now discontinued personal digital assistant.
As the story goes, Apple wanted the Newton to have a true handheld operating system, rather than a shrunk down desktop operating system. Certain design features, such as Copy/Paste, exemplified this design goal.
To select text, a Newton user would tap and hold the stylus on the screen which would then allow you to select text. To move text, you simply drag the text to the proper location. To "cut" the text, you simply drag the text to the side of the screen where it would become "stuck". You were then free to switch applications and then drag the text to the proper location. To copy instead of cut, you would simply double tap the text before dragging it from its original location.
Obviously, some changes would have to be made as Apple has already assigned "tap and hold" to another function on the iPhone, but the basic method could be used.