To be fair, when the iPhone launched it was very anaemic (with less features than the current edition of WP7) and most of the updates in the first three months are for security and bugs. I haven't heard any horror stories about WP7 yet, so maybe that's not a priority for Microsoft. Maybe they actually are working on improving feature parity with other platforms?
Microsoft did announce the upcoming "Clipboard Update" at CES, so Paul could have counted that. It's a shame it won't be delivered for a while now.