>selection of text + pasting of a link as "turn this text into a link using the URL in the clipboard"

Seems like an interesting UX debate. It's a handy shortcut, but it makes "paste" modal depending on what's in the clipboard. Pasting might replace the selected text, or might link it. And because the behavior depends on whether the clipboard text "looks like" a URL, there's an element of DWIM (Do What I Mean) in there. Does it only handle http:// links? What about www.? Or mailto:? etc.