I like how iOS handles multi tasking. It's an ingenious way of delivering the multi tasking experience without deprecating battery life and CPU cycles.
I have no real issue about how it handles task switching, however, as you say the way it handles multitasking is, in effect by not multitasking.
We can argue all day, but apart from the Apple code, and a few bits here and there, the iPad does not multi task, it freezes a program.
That's not multitasking.
If you employed people, and when you stopped looking at one person they froze in their tracks with whatever they were doing at the time, and only started moving again, when you were looking at them again, you would not call them multitasking
But I'm fine with what the iPad does, I just don't like the lies from Apple trying to redefine the accepted meaning of multitasking and them people accepting this new meaning of the term.
The Playbook multitasks for real. It can play a movie and play a game at the same time. that is multitasking.
But, again, let me say, I'm fine with the "Task Switching/Freezing" system that Apple have implemented as it works fine in general.