On the contrary, selecting, cutting and pasting text is awfully cumbersome (on iPhone), together with placing the cursor in the desired spot, but typing is almost ok, and on the iPad I can type normally - it's the editing that doesn't work well.
PD: Apple please don't sue me for the patent and copyright violation this may contain; I have no money and this image is just a non-profit parody so it is covered by "fair use" under US trademark law.