What do you think of the iPhone copy & paste?

Even though copy and paste really isn’t a big deal for me and apparently it’s really important for others, what do you think of the new app Magic Pad. (Free for a limited time in the App Store) (It’ an App made by a third party and not by Apple.) No the copy & paste hasn’t officially arrived for the iPhone but it’s a start. Do you think Apple will later adopt this method of copying text systemwide later on? How was your experience using Magic Pad?