Shake to undo
This one can be a little awkward at times but it can be a bit of a life saver. If you've just typed a long sentence and accidentally deleted it, or made some other catastrophic error, you can give your iPhone a shake to bring up the undo/redo dialogue box. Just make sure you're holding on to your iPhone tightly before you shake it!
Since implementing this feature Apple has added an undo button to the system keyboard, thankfully, but this only appears when the iPhone is in landscape mode. If you can't be bothered to type like that, get shaking.
Since implementing this feature Apple has added an undo button to the system keyboard, thankfully, but this only appears when the iPhone is in landscape mode. If you can't be bothered to type like that, get shaking.