You can paste files in the Finder, cannot cut them (but copy). We had a very long discussion about whether to include 'cut', too, on Apple's Human Interface Design mailing list, shortly before the list was cancelled altogether.
The basic problem for most nay-sayers was that when you cut a file (like you can in Windows), the state the file shows is 'half-still-there'. To be true to the thought, you would have to make it invisible until it's pasted somewhere else (moved and turned visible again). If you choose *not* to paste it somewhere else but copied another item (even in another application), the file would have to turn visible again. This would mean that the Finder has control over the clipboard, which is not exactly what we want. (It needs to know you're copying something else.) Also, the 'cut' command is not only meant to 'copy & erase from current location' but used (by many users) as 'clear', because they just ignore that the thing is in the clipboard. But this 'functionality' of the 'cut' command could not reasonably be implemented in the Finder, you have to have a different command for 'clear' or 'delete'.
As Apple wants the functions in the Finder to be as clear as possible, this seems to be a no go so far.
You'll need third party software for that functionality.
I tend to use the Terminal for transferring/copying more than just a few files and the Finder for a smaller group of files. I also work visually in the Finder, if I want to move files. Spring loaded folders are GREAT in Jaguar for exactly this task: Take the files you want to move ('cut'), move them to the left end of the Finder window, so it automagically scales back to 'Computer', then hold the cursor over the folder, it automagically spreads open and you can go all the way down into the directories until you let go of the mouse button ('paste'). It's one action less than cutting and pasting with the keyboard and feels more natural to me.