It would be handy to multi-task at times on my iPhone. But I do not consider it a deal breaker. And I don't think it will be for Windows Phone 7 either.
As for the Palm OS, multi-tasking is worthless on it. The phone slows down so much when you do it that it almost makes it unusable in some cases. Not to mention the battery usage while doing so.
In the future phones will be fast enough to handy it. For now, things are fine as they are.
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