For Pete's sake, the iPhone multitask just fine. Look I'll play Need For Speed Undercover ( which the Pre OS cannot even dream of being capable of ) while I listen to my iPod part. In the meantime these services are running in the background, syncing Mail, Contacts, Calendar, various sensors, SMS, oh the phone portion... seems to me the iPhone multitask just fine.
So, I start the Contacts app, wait the obligatory 2-5 seconds for the app to start, then do a search. Once I find the contact I'm looking for, I tap on the address to see where this guy lives. Up pops the map app. Wonderful.
Ok, now I want to call him. What do I do... let's see... how do I get back to the Contacts screen.... Where's the "back" button.... hmmm.... Wait... you mean there isn't one?? Darn.
So, I press the "Home" button, wait a second or so for the launcher screen to appear. Then I launch the Contacts app again, wait the obligatory 2-5 seconds for the app to start, then do a search.....
Yea. The iPhone's multitasking is just peachy.