iOS Keyboard Backspace and Foreward-space Capabilities
Currently, there is no way to do this without a jailbreak. The software keyboard has no functionality to do what you want, and as a developer, I know that there is not way to program any other delete but the backspace.

As for the jailbreak, I am sure there is a way, but make sure you Google it first, since I wouldn't jailbreak without knowing for a fact.