So the answer is No You cannot Copy & Paste text using the keyboard.

You need to press a software button (Shift) on the screen first and then a small 'Copy' icon that appears near the text. That doesn't differ much from touch-only devices.

Thanks for the answer.
Well, it is a bit disappointing, but not that much of a surprise, since the Passport is not a keyboard device, but rather a keyboard-touch hybrid. In the reviews, what reviewers usually complain about is the inability to type without looking at phone, because you don't have any special characters (,-?!:...) on there, so it is not that different from touch-only devices overall. I haven't tried the Passport myself, but it may be an interesting experience. I don't think it will replace keyboard devices, but a vast majority of mobile users uses touch screen keyboard anyway, so they probably won't mind.

Let's hope they at least introduce the keyboard Copy&Paste functionality in the Blackberry Classic!