Okay, I admit it, I don't know why people are going so crazy over wanting multitasking on the iPad. Here's my logic:
A device like this will always be running apps full screen, there just isn't enough real eastate to do otherwise. That being the case you will always need some form of switching mechaic to get between apps when you're multitasking; alt-tab, expose, swipe gesture, doesn't matter what exactly. Now I really don't see the main difference between that and the current system of press home button, tap icon to launch the app you're switching to. Apps, at least productivity apps, on the iPhone / iPod Touch launch pretty much instantly and a lot of 'em preserve your state from the last launch. Assuming that remains the case in the iPad (and I see no reason it wouldn't)... where's the big difference?
The two cases I could see being a decent case are streaming music in the background and IM clients. Other than that... *shrug* just doesn't seem like a big deal, at least not the extent that the complainers make it out to be. Nice to have but not essential by any stretch of the imagination. Actually, I thought this was summed up nicely by the Engadget podcast (I believe Josh said this but could be wrong) when they claimed that 'being productive means doing many things at once'. Uh, wrong, being productive if often better served by concentrating on a single task. Certainly I get my best writing done when I close everything else down and just spend a few hours with a keyboard and text editor.