Firefox has some about:config variables to tweak the touch support. The out of box behaviors should definitely be improved, and maybe even a real settings panel would be nice instead of just about:config hidden things.
Thanks! I actually tried it a while ago but completely forgot about it.
The touch radius can be expanded and adjusted but the behavior really comes down to "should it let the user set a caret at any text position", and fuzzing the touch radius will still let the user hit a plain text target and select it, where Chrome (and mobile firefox, coms to think of it) won't let you.
For instance on HN's comment link bar ("WorldMaker 5 hours ago | parent | context | flag | on: Firefox finally outperforming Google Chrome in S...") I can set a text selection carret on the "|" between "parent" and "context" in firefox with a touch radius of 32 mm, largely touching both "parent" and "context" links.
I am actually getting motivated into looking deeper into this and see what they did to have the mobile version work differently.