So multitasking is coming in iPhone OS 4. I must admit being disappointed that it is not coming to the iPhone 3G. After doing some research, I found out the simple reason why - the iPhone 3GS (and iPod Touch 3rd gen) have double the RAM of earlier models, as well as faster processors.
Multitasking has been available on jailbroken iPhones for a while now, with some really sophisticated Apps, a lot of them of them free. Unfortunately for iPhone 3G owners, although these run on the iPhone 3G, they don't run particularly well.