Palm Pre would have it, other low end phones too have this feature and why not the iPhone? The limited 128MB RAM of the iPhone and the worry for battery draining restrained Apple from allowing multi tasking on the iPhone. 

Past is past, Apple can no longer bank on chance and loyalty to woo iPhone users, else Palm Pre steals away some iPhone fans. The official launch of iPhone OS 3.0 would bring multi tasking functionality to the iPhone (hmm if we are to believe in rumors).

However, due to the limited memory space, Apple is likely to allow multi tasking of only two applications at a time. Seriously, that could not be called as true multi tasking right? In order to get what you might call genuine multi tasking, we might all need to upgrade to the new iPhone(s).

Rumors have it that the next iPhone hardware would sport 512MB of RAM, which would be enough for running multiple applications. I hope Apple has done something to the battery too. 

With the release of the iPhone OS 3.0, I will finally be able to record live calls. That is the most basic feature I missed on the iPhone.