For those talking about playing videos while editing documents, N900 can actually do it. The video plays via tv-out, while you do whatever you want on the screen. The stock video player however does not allow this.

Those saying VLC/Android can play while they do other tasks - yes, any phone (at least Nokia) with a music player can do that, even Nokia S40 (even the older versions such as in Nokia 6230i). This is clearly not the multitasking being referred to in this thread.

Finally, it's quite apparent that some of us, myself included, want the same type of multitasking as on a desktop, even though there might be a battery/power penalty to pay. Others are happy with a stripped-down version of multitasking that allows more power savings. Overall, I will agree that what Android has is multitasking, just not the multitasking that the majority of us here want.