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No, it will not. The iPhone and the Pre use significantly different OS's and the iPhone is quite a lot worse at multitasking than the Pre.

The iPhone is not worse at multitasking, in fact it can do it quite well. It's just that Apple has made a deliberate decision to only allow a few specific instances of it to occur. For example you can listen to the iPod while using Safari, you can view photos while on a phone call, and you can use the email app while on a phone call, among many other examples.

Basically it is two different philosophies, Palm believes that the OS should multitask at everything it does, Apple simply does not.
 
The simple fact that you can not be on a call and surf the web on the Pre is a joke. How is that enabling multitasking
 
The simple fact that you can not be on a call and surf the web on the Pre is a joke. How is that enabling multitasking
That's more of a limitation of the current CDMA technology that the pre operates on, rather than some design flaw in the phone itself. The pre can do both while on wi-fi however. Kind of like the original iPhone...
 
Consumer Multi-tasking

Customer: Which phone is best?
Salesman: The Palm, it has multi-tasking
Customer: What's that?
Salesman: You can browse the web while listening to Pandora!
Customer: Huh?

or

Customer: Which phone is best:
Salesman: The iPhone, it has a high performance GPU and OpenGL
Customer: Say what?
Salesman: You can play real videogames on it.
Customer: Cool!

C.
 
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