Agreed. Still, we're entering a new multi-touchy world. If you look at all the gestures in Apple's recent patent filings, I would be hard pressed to call them all "intuitive." I'd much rather have a slightly convoluted implementation of C&P, than not have the functionality at all!
I'm not though. I don't expect to edit images, websites, videos or audio files on my phone. I don't expect to be able to do page layout... but moving a bit of text around should surely be within its capabilities.
Yes, that case works. The case that doesn't work is when the address is embedded in page text you are already viewing. I often run into this after doing a search, browsing a site, and then getting to its "contact us" page.
I like your solution fine... I think there are many solutions that would be acceptable. That's my point: Apple just needs to buckle down, decide how this is going to work, and do it.