You can refute it all you want, but what I and others wrote is correct.
You and the others are correct when you say it's not "true multitasking."
But you are incorrect when you say it's simply an application list.
What I've found through testing:
All apps beyond the 7th app are closed
Low-resource apps such as calculator or even Safari are kept in a true multitasking mode occasionally. An example is Safari loading a webpage in the background.
High-resource apps stow away their current state in RAM, effectively entering a "frozen state." A portion of the app stays open, much like how Lion occasionally does not necessarily quit an application when CMD+Q is pressed. For example, Infinity Blade, Fruit Ninja, or any other game.
Depending on system resources, your iDevice may close additional apps.
Closing apps in the multitasking drawer not only frees up RAM but also saves battery life.