Is there a copy/paste function for iPhone?

No, but you can watch this cool video mockup of how it might be implemented in the future.

not yet. Maybe someday with a firmware update. There are some apps for jailbroken iPhones that allow it I think though, but that’s a whole other thing to get into.

Its kind of sad isn’t it that this phone is supposed to be all high tech and amazing yet it cant do simple things like copy/paste

The beauty of the iPhone is in its simplicity. Other phones may do more, but no phone do as many things well.

Do you know of any smart phones that support copy and paste? Can you do it on a BlackBerry?

No. But you can do it on a Tréo.

It would also be nice to take any photo you come across on Safari and download it to your Photo library as well.

we all wish there was.