If you need to edit text on the iPhone, there's a cool magnifying glass feature that makes this easier. Just touch the iPhone screen near where you want to make the edit and leave your finger there. After a second or two, a little bubble will appear which shows the text inside the bubble as magnified. You can keep your finger on the screen and move it around and it will magnify the text that you are over as well as bring the cursor along with it. Once you get the cursor where you want it, you can remove your finger and start typing.