What would make more sense is to add faster direct manipulation gestures. There's opportunity for that, without throwing out the whole paradigm.
For example, today to select a range of text you:
1. Tap-and-hold to bring up the cursor magnifying glass
2. Let go to bring up the context menu
3. Tap "select" from the menu
4. Drag one of the endpoints to one end of the selection
5. Adjust the other endpoint if necessary
But why not this? 1. Tap-and-hold to bring up the cursor magnifying glass
2. While holding, use a second finger to drag out the desired selection!
Now that's something Apple might actually go for.