I kind of understand Microsoft's stance on Cut and Paste - like the rest of the new OS, they've decided to rethink the whole concept of what people actually do on a smartphone and how they can improve upon the frankly archaic Android/iOS model.
The fact that the OS is meant to recognise numbers and email address and hence give options such as call, email, add, send to *** etc. etc shouldn't be overlooked. However the omission does raise it's head when it comes to text manipulation/web surfing.
Regarding holding the Windows button - I thought this was the integrated speech recognition feature: Tell Me. Seen this in action, MS should definately promote this - works like a treat and because it's fully integrated into the OS, searching for 'hamburgers' (!) within your locality or for contacts in the phone book are a doddle!