Apple today provided a sneak peek at the new features coming to the iPhone this summer with the next major software update, among which is included the long overdue cut and paste functionality. But Many of the things announced today were already long present on competing devices and some of the missing pieces continue to be video capture, voice dialing, background processing and of course Adobe Flash support. Regardless, it does address many nagging complaints while bolstering its feature set and the developer community. The new release will be a free update for all iPhone users – though certain features will not work on the original model – and will cost $10 to iPod touch owners.