OS 4.0 is rumored to do multitasking.
Is that from the same rumor that said OS 4.0 was coming out today? j/k
It's a 1ghz processor so there's no reason not to multitask, other than Jobs saying that it isn't necessary to multitask. Of course, he also said people don't read any more, then released a device with eReader capabilities and an iBookstore...I guess that's code for we can't do it (or didn't do it first) so it's not important, but as soon as we can, it will be the newest innovation.