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Given it's 1st April today, I'm gonna ignore it for now. But multitasking is something I really wanted on the iPhone. Specifically playing songs from youtube whilst surfacing (songs that I haven't already downloaded).

I believe the site is American, so it would have been posted yesterday...Still, I did wonder...

It seems to me fairly logical that if/when the iPad/iPhone get 'user controlled multitasking' it will have an interface that's similar to the way the device does 'choice from a group' already. There's a consistent way that the iPhone does that kind of thing - look at the way you change windows in mobile safari. The iPad does a similar thing when changing windows in Safari on that too. It wouldn't (to me anyway) seem a particular stretch to suggest the multi-task interface will function in a similar way.

I must admit I was planning to buy an iPhone, but I'm starting to think it's not the phone for me.

This iphone may not be the phone for you. There's almost certainly going to be a new one in a couple of months, which may be more so. Up to you if you feel like waiting or buying something else.