I wonder how much the decision not to have multitasking was influenced by the desire to have the ipad look fast?
Instead, they're putting their effort into making application launch and exit very fast, and cautioning developers that they should save all important state, and restore it all next time.
This make it easier to manage background tasks, and also eliminate the problem of users leaving all their apps running. I guess if the makers of a Service decided to make their api public, other people could develop alternate front ends for it as well.