WP7 copy & paste "...available as an update in a matter of weeks (early 2011)"
While we knew that copy and paste is coming to Windows Phone in the first half of 2011, no other specific time frame was given although there is a rumor of a January update, which now seems to be accurate. Arpan Shah, a Director at Microsoft who leads Product Management for Microsoft Project, mentioned in passing about when we can expect that update:
Critics have commented on the lack of specific features like copy & paste and lack of 100s of thousands of applications. And while both are true, copy & paste will be available as an update in a matter of weeks (early 2011) and as for applications, it’s just a matter of time.
While not written and stone and we're sure Microsoft would not want to publicly commit to such a timetable, we believe that this is probably quite accurate. If so, we can finally stop hearing about the lack of said feature as a knock against an otherwise fantastic v1.0 release. The rest of that January update is rumored to bring task-manager/hub mutlti-tasking, turn-by-turn directions, clipboard and Skydrive/OWA support.
Source: Arpan Shah's Blog