Not sure why this hasn't been reported on PPCGeeks yet since this is a few weeks old but I just came across this from MWC 2011 where they demo what's coming in an update for all WP7 devices sometime in 2011. True multitasking, Skydrive syncing, the new IE9 browser. The multitasking looking like it's been implemented fairly well to me.
YouTube - Windows Phone 7 update: multitasking, SkyDrive and IE9
edit: sorry, I was looking this up on Youtube and got CES mixed up with MWC.
http://www.youtube.com/watch?v=7DHMH...eature=related Here's the keynote speech where they actually annouce the multitasking. The first link I posted just shows the 3 things all in one video so that's why I posted it and hadn't seen it posted up here so I thought people that hadn't seen this would be interested in hearing it.