Apple may be about to release an update for the iPhone that would allow 3rd party applications to run as background processes. This would be the first real multi-tasking for the iPhone, even though it would only be for a few selected applications.

Apple does not currently allow 3rd party iPhone applications to run as background processes. Instead, applicationss are required to shut down completely after use.

According to Mac Rumors, Apple is "considering allowing apps to run as user selectable background processes." If Apple does allow this, it would likely be released in the next iPhone software update.

Full multi-tasking would likely be released in another version of the iPhone.