Here's my guess related to multitasking:
The A4 chip is a system-on-a-chip.
Apple will not allow regular multitasking because it'll ruin current iphone apps performance and ruin battery life.
I think that the A4 chip contains a second chip + memory controller which is very slow and doesn't require much power.
My guess is that every program that needs to run in the background will move to the secondary controller and run off of there, leaving the main CPU+GPU+RAM to the frontal process.
The background processes will run rather slow, but who cares, right? it's a background process. It will preserve battery life since the slow chip won't suck too much power. It will keep performance as is today because the main chip is still used like before.
Just a guess and very far-fetched. But who knows 🙂.