You heard that right, people -- iPhone OS 4 just brought multitasking to the platform! Apple says they've figured out how to implement third party multitasking without hurting performance or battery life, and they're demoing it now -- you just double click the home button and see a list of your apps, and you can just tap to switch between apps.
Developing
Make sure to check out the ongoing iPhone OS 4.0 liveblog!