Originally Posted by Caveat Emperor
Your wish has, apparently, been answered by Apple. Multi-tasking support coming to the iPhone this summer w/ iPhone 4.0.
But only if you own the newest 3GS version. 2G and 3G phones will get part of the update, but not the multitasking function. Also, a new 4G phone is due out this summer / fall. I haven't seen any articles yet with solid info on the features of the new phone.