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There's an undo button on the second level of the keyboard, i.e. tapping .?123, and a redo button on the following level, I.e. tapping #+=.
I don't think we'll implement a gesture for that, as I don't feel comfortable with gestures actually manipulating content. There's so much going on already, with swipes and taps, and multi touches, not just in our app, but in text views in general.
Also, it might very well be that Apple is working on something like that, and I wouldn't want to implement our own method only to have users re-learn the "official" way (or, worse, hating the official way). And as you can see in Pages, Apple introduced swipes to advance characters and words, so my educated guess is that there'll be at least some users trying out these gestures across apps...
Maybe we'll add an option for a button in the keyboard row, though I don't know if it would be worth sacrificing the space. So... dunno. :)