Yesterday, an online service called Pastebud was announced. So far, it offers what seems to be the best solution to what has been one of the iPhone’s greatest weaknesses, the cutting and pasting of text. However, there is only one caveat, the service only seems to currently work in the iPhone’s Mail.app and Safari. Using some clever javascript programming, the developer, Jed Schmidt is able to copy selected text to his servers and then paste it back into the applications. It sounds more confusing that it is, so a video demonstration will probably explain it more clearly…