Let's say that we have a DIV x on the page and we want to duplicate ("copy-paste") the contents of that DIV into another DIV y. We could do this like so:
y.innerHTML = x.innerHTML;
or with jQuery:
$(y).html( $(x).html() );
However, it appears that this method is not a good idea, and that it should be avoided.
(1) Why should this method be avoided?
(2) How should this be done instead?
Update:
For the sake of this question let's assume that there are no elements with ID's inside the DIV x.
(Sorry I forgot to cover this case in my original question.)
Conclusion:
I have posted my own answer to this question below (as I originally intended). Now, I also planed to accept my own answer :P, but lonesomeday's answer is so amazing that I have to accept it instead.