If Daniel Hooper gets his way, then lets hope Apple takes up his improved iPad keyboard. His would be able to let you select text by holding the shift key as you swipe, and you would be able to drag to move the cursor, or drag with two fingers to move it faster. Its a better, more user friendly, and efficient keyboard.
But he doesn't want to keep the idea for himself, and he's not selling any kind of product. He suggests that you should send Apple a bug report to tell it you're unhappy with the keyboard, encouraging it to work on a fix. Let's hope Apple listens to him. Check out the video below: