No, I'm certainly not confusing multitasking with switching between tasks. I'm talking about running VM's, administering different processes at the same time etc., all of which are impossible on an iPad.
Context switching, the iPad can just about handle and, indeed, is all about doing one thing at a time. The lack of ram on the iPad is a major impediment to even doing this effectively. If you have to, for example, copy data before switching to another app for fear of losing said data, the hardware/software has failed. The iPad struggles to do even this, which is why I'm surprised Apple put productivity front and centre of their keynotes when it's utterly hopeless beyond the simplest of tasks.