With the release of the Droid Incredible underway, and a couple of lucky individuals who received theirs early. Here's a clip showing some of the copy and paste features for the Droid Incredible that allows you to copy entire paragraphs. Plus this video will give users an idea of how the Incredible will operate when it comes to copy links, sharing, and other features. The copying feature is currently only available for web browsing but it's interesting to see the features HTC has improved on and added for the Incredible. Check out the video to take a look at how to use the copy feature on the new Incredible.
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Not sure why you say that copy/paste is only available for web text. I copy/paste all the time in texts and emails, and even from a text to an email. It is very simple, with a text you just push on the screen with your finger where the text is, then a box pops up with options. In the email part, you don't get the same box, you get the same option like you do in the web as described in the video above.
You can also save text as a draft and pull it up later to copy/paste it. From the text area, just hit menu to get to the drafts. From there you push on the screen to see the options, one of which is "paste".
Anyway, just wanted to pass this on because it's an important feature to me and may be to others.