Paste As copies the contents of the Clipboard, in a specified format, at the current insertion point.
Selections can be inserted into the notebook in the following formats: Plain Text, Formatted Text, Text (strip whitespace), and Inline Cell. Plain Text removes any information about styles, while Formatted Text preserves style information.
The Paste As Paste and Apply command has the following property: if the text being pasted contains any selection placeholders (), they will be replaced by the current selection, after the Paste is done. This is similar to what happens when you click a button containing placeholders.
The Paste As Paste and Discard command is like ordinary pasting except that the clipboard is emptied after the Paste is done. This is useful for conserving memory, if the clipboard is extremely large. If you want to retain the contents of the clipboard (e.g., for pasting again), choose Paste and Apply.