Updated from 3:08 p.m. EDT

Apple's ( AAPL) iPhone 3.0 software developers conference kicked off with a few ho-hum application introductions.

The show, at Apple's campus in Cupertino, Calif., concluded without a flashy one-more-thing, giving Apple's stock nothing solid to build on.

Among the biggest developments was the long-awaited cut-and-paste function that gives iPhone users the same text- and picture-moving capabilities that other smartphone owners enjoy. The company also unveiled a search function for songs and messages and an almost-live IM service, according to a live blog by Gizmodo.

In a partial answer for critics dissatisfied with the iPhone's inability to run more than one application at a time, Apple introduced a so-called push IM system from Meebo. Instead of searching constantly for new messages, the push system only delivers messages when they are sent by someone.

The push IM uses less than a third of the battery power a full-time IM program would use, says Apple.

Other applications included an alert service from ESPN delivering headlines and video highlights. Through Johnson & Johnson ( JNJ), the iPhone can help users count the calories of their meals and monitor glucose levels through a Bluetooth enabled blood testing device.

Apple also demonstrated multi-player video games. The new operating system will be available sometime this summer for free to 3G iPhone owners and cost $10 for iTouch customers. The upgrade will not be available on unlocked iPhones, sources say.

Observers wanting more information about a rumored tablet device went home disappointed.

As of the end of the year, Apple says it sold a total of 17 million iPhones and delivered 800 million applications from its Apps store.

Apple shares ended Tuesday trading up $4.24, or 4.4%, to $99.66.