1. It's unlikely that anybody has found an optimal cut+paste system for multi-touch devices.
2. The broader range of imaginable ways of implementing cut+paste means that the first solutions to market are relatively unlikely to be considered "good" once the various options have been more fully explored.
3. The large number of ways to implement cut+paste means that there will almost certainly be a significant difference in the quality/usability of different solutions. These disparities mean that the mere presence or absence of a cut+paste solution is not enough to judge whether a product does a good job of fulfilling the need for cut+paste. Simply asking whether a product has a cut+paste system is not helpful for comparing multitouch devices, because not all methods are equal, and some may be virtually unusable.
You are right, in a multitouch world, I have far more options for how to do this.