iPhone 4.0 will likely feature multitasking according to AppleInsider. It will support running multiple third party applications at the same time. The rumor is that by pressing the home button twice, it will bring up an Expose-like interface displaying the icons of running apps, allowing the users to switch to any of those apps.

Multitasking most likely will not appear until Apple introduces the new iPhone model. Users who have jailbroken phones have noticed that the built-in memory on some models is just too limiting to have a lot of apps running simultaneously. Chances are the iPad specs are built to handle it and the new iPhone model will be just as powerful.

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