Copy and paste! Yes, such basic functionality is not present in Windows Phone 7 upon launch- we'll have to wait for it. Microsoft has confirmed the functionality will arrive early 2011 through a software update, and according to Ina Fried, "Copy and paste will work by letting a user click on a particular word and then expand or contract their text selection from there. A separate paste icon will appear allowing one to paste text, though the look is not yet final."
Anything else to report? Well, ten devices, but I'd like to refer you to Engadget for the hands-on reports and all that stuff. For once, Europe will be the first to get the new devices, starting October 21 (Asia, too), while the US will have to wait until November 8.
I don't really know what else to add, since we've already talked about the details in great, uh, detail. If all goes according to plan, we at OSNews will have access to a Windows Phone 7 device over the coming months, so for once, we'll actually be able to review something while it's still relevant.
Yeah, unicorn power right there.