Well, sort of. Apple has been listening to its fan base and is now developing new firmware to allow select applications to run simultaneously, a first for smart-phone type products. While it’s not a full multi-tasking experience, the firmware allows some programs to do things in the background, however this pauses the whole program while this happens. For example, lets take a music streaming application; when the program is paused, it would shut down the program yet still allow the music to stream in the background. From a technology perspective, I think this is great because with little overhead to run this function in the background you’ll still get great battery life.
It’s a shame to see that only the newer iPhone 3GS and the newest iPod Touch are getting this new firmware. However, it’s to be expected as this development will require some horsepower to run the new features. While it’s nice to see Apple’s innovation, they do have a long history of developing the new features off the backs of people that pay for the newest version of an apple product. In my opinion, you should always wait for the 2nd or 3rd version of an apple product before buying to make sure all of the kinks and bugs are worked out.
See details of the new firmware here. Also, this is a great resource for apple product cycles so you know when a new version of something might be released.