Text selection on iOS is horrendous, what ever way you put it. You have to tap or double tap, or you end up selecting the wrong word, or it highlights a word you didn't want. SwipeSelection changes that completely.
It's an amazing and free Cydia tweak which completely transforms the way text selection is used on iOS. To be honest, I think it could completely transform the way we text select on any touch screen device because it could easily work with any tablet or phone.
Just watch the video to see what it does.
It's available on Cydia right now for free - SwipeSelection