Apologies, I wasn't clear. If you're using the mouse ONLY, you can't just click CUT in Vista/7. You have to go to Edit > Cut. (You even have to re-enable Menus IIRC.)
In other words, I feel this was a downgrade from XP. In XP you could choose to have OR not to have Cut, Copy and Paste icons - on display at all times - for easy clicking.
No, the shortcuts (Ctrl+ X, C and V) thankfully haven't left us; for now.