I don't use a Mac or an iPhone, but I applaud this sort of device harmony.
That said, I am worried that it would unnecessarily leverage the cloud. My guess is that instead of the two devices directly communicating with one another—that is, instead of leveraging the fact that they are probably on the same local network and should just work in concert—the clipboard data will be sent via a cloud intermediary. That is, it will be exfiltrated from the local network, sent through Apple, and then back into the local network.
If I am wrong about that, I am happy to hear it.