Pastebud is a new service launching tomorrow that uses javascript, web services, and bookmarks in mobile Safari to bring copy and paste to the iPhone and iPod touch. Gizmodo has a video demonstrating the functionality of the service which will allow you to select text from a webpage and paste it either into another webpage in mobile Safari or into a message in the iPhone's Mail application. One of the most requested features for the iPhone has been copy and paste, and even though there have been some third party applications that offered some sort of copy and paste for the iPhone, Pastebud will be the first to provide the functionality without having to install any software on the iPhone.

However, it doesn't look like the service will be free. Watching the video displays a popup at one point that says, "Thank you for trying pastebud! Upgrade now to make it even more convenient, for just $5." Although you cannot yet access their site, Pastebud's Twitter account states "Launching this Friday. Stay Tuned!" and links to their password protected site in the about field. 

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