I recently did a fresh install of 10.8. Prior to this install, I could rapidly tap twice on my touchpad and, on the second tap, drag the pointer to highlight text. Now, with this new install, that feature is missing. I tried looking in the trackpad settings but couldn't find anything to re-enable this feature.
Here is the answer to your question:
I have searched all locations which come to mind for enabling such a setting, but without success:
Therefore, I suggest the following alternative:
This way you can highlight text without delay by using three finger touch. If you need to highlight lots of text, you can release one of the three fingers and continue to move the cursor down with that finger.
I was annoyed myself, and found out the answer in the end:
For more details see this CNET article.
By the way, the exact method to perform this action has changed slightly with Mountain Lion.
protected by Community♦ Jan 10 at 4:27
Thank you for your interest in this question.
Because it has attracted low-quality answers, posting an answer now requires 10 reputation on this site.
Would you like to answer one of these unanswered questions instead?