A lot of the Emacs shortcuts work in OS X (most of the system) as well as on Linux (bash and other users of readline).
So, in practical terms, this means you have 1 + n clipboards[1]. The main global GUI clipboard (using the command key), and then an app-specific clipboard (using the control key with Emacs bindings). As a developer, it is extremely helpful to have two clipboards in TextMate, for instance.
[1] Technically, the clipboard in OS X maintains a history (not sure what the limit is), but the OS X GUI only exposes the last cut/copied item.
For the most in depth info on the Cocoa Text System: http://www.hcs.harvard.edu/~jrus/site/cocoa-text.html
so Ctrl-A Ctrl-K will clear a given field