This article does a good job of summarizing Apple's implementation of 'multi-tasking'
http://furbo.org/2010/06/21/iphone-multitasking/
Basically, exiting an app saves its current state (providing it harnesses the Fast App Switching API, otherwise it is fully terminated ala pre-OS4) and terminates its load on the system . Nothing is running in the background, unless it is of a particular class of applications that uses VOIP (e.g. Skype), plays audio (e.g. Pandora), tracks your location (e.g. TomTom), or is finishing a task (e.g. uploading a large file via DropBox, and checking your mail while the upload finishes). Even then, minimal processing power / memory is being accessed. Think of the app switcher as more of a 'recently accessed apps' or 'paused apps' rather than 'apps currently running'.