It's not simply placing an image in the background. When a background image is added (not via jailbreak, but legitly using iOS 4) it also adds in shadows behind every piece of text on the home screen as well as shadows behind every app icon. Every time you click the home button, the memory has to try and cache all this extra data for the shadows for every single app icon on the Springboard. It's a pretty pathetic and weird reason as to why they disabled this feature for the iPhone 3G and 2G iPod touch, but it's simply a memory hog on these devices with it enabled (I have these disabled features enabled on a jailbroken 2G touch with the 4.0 GM, so I speak from experience - the lag to get back to the home screen and to launch things with home screen backgrounds enabled is simply terrible*).
*Saying that though, the rest of the OS runs wonderfully on my iPod, easily comparable to my 3GS.