No it doesn't.....it can play 3D game, it can damn well do copy/paste and MMS. Copy/paste is so easy, and MMS is the same.
This is not a CPU issue, its software!
That depends on the app.
Currently, there are some apps (i.e., Jaadu VNC - aka Teleport) that will not work unless you force quit MobileSafari and/or Mail because these run in the background.
Somewhere down the line, significant 'free' firmware updates will cease, as they become hardware-dependent, very much like the PPC-Intel transition.