Yeah, that's why I hate it when people say the thing "can't multitask". It can, very easily. The limitation is, third-party developers (ie, anyone who isn't Apple) are not allowed to run their app in the background. Apple, however, does run their apps in the background - even Safari. You can be playing an iTunes song, open up Safari and set 5 or 6 web pages loading, then exit out and run some other app. Later, exit that app and open Safari, and you will find your 5 or 6 web pages loaded, and the iTunes song never stopped. Email also runs in the background at all times.
Not only that, but if you are in the process of downloading anything you bought from iTunes or the AppStore, it will also run in the background while you access the other apps. The download will still continue.