Is there a way to select text directly in Android?
The feature of selection of text is a topping added by phone manufacturers. For an instance, in my LG Optimus One (P500) which was running 2.2.2 did not have any text selection feature. As you had said, I have to manually move the caret to a favourable position to erase a text.  However during an update to 2.3.3, the manufacturer had enabled me to select a text by double tap (and in some places, a single tap or long press is required).

When I was discussing this with my friend who had Samsung Galaxy Ace running 2.2.2, I was surprised to know that the feature I got in 2.3.3 was already available in his phone.

I guess with Android 3.0 onwards, this has been baked in as standard feature.