The options are the same as the OS using the same UI. Identical to right-click menu in browser inputs/address bar. It is using the OS clipboard. CTRL/OPTION+C/V works the same as well.
Are you saying that Adobe reimplemented the UI? Or that they pass it off to the OS to handle? Because if its the former, the iPhone doesn't have a menu dropdown for cut/copy/paste. Or a ctrl/command button, for that matter.
I'm only asking because I've never had copy/paste from flash work well on the desktop.
Is copying/pasting it to the OS (or app) pasteboard an option? If so, will it use the same UI as native apps have? Or will it force a funky widget of its own in the middle of an app that otherwise looks like the rest of the OS?