User has clicks and selects a container on the content panel - panel focus is given to the content panel and item focus is given to the container.
User clicks inside a property field in the right panel - panel focus is given to the right panel and item focus is given to the property field.
User opens Menubar > Edit > Delete and notices it is dimmed - This is because there is no text selected in the property field with item focus.
User opens Menubar > Edit > Cut and notices it is dimmed - This is because there is no text selected in the property field with item focus.
User selects the text in the property field.
User opens Menubar > Edit > Cut and notices it is undimmed - This is because there IS text selected in the property field with item focus.
User clicks Menubar > Edit > Cut - the contents of the property is deleted and added to the clipboard.

For the record this is exactly how xCode works and it's the kind of robust system that need to compliment our panel focus and item focus.