Coming from Eclipse and having been used to duplicate lines all the time, it\'s pretty strange finding out that Xcode has no such function. Or does it?
As Xcode 4 makes this difficult to implement using key bindings, I have resorted to using Keyboard Maestro (Quickeys should work well too, but it's not fully Lion compatible). For e.g., here is my Keyboard Maestro shortcut (bound to ⌘-⇧-D):