2. multitasking is fine, as long as you don't use too much memory (if you do swapping will stop the device to a crawl)
3. linux distributions: I use easydebian and it works great, only problem is that those distros are not adapted to tiny touchscreens. Mer, on the other hand, is.
4. forget about ultracheap ebay batteries, you'll get what wou pay for. mugen batteries are cheap enough and have been reported to work fine.
5. bluetooth works fine for whatever you want to use it.
6. developing is quite easy if you use python. Of course, you can use almost whatever you want (c, c++, vala...)
7. How long can I expect to wait for a GPS lock? (This is coming from someone who owns a gps which on a good day finds its position in 10 minutes)
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Usually 1-3 min once agps is installed. Some people do not get this results, but I think their device is faulty.
Maps are stored in the device, even with maemo mapper (you have to download them, though)
Turn by turn directions are supported by navit (but you may not find good maps for navit)
That depends on what you want to emulate, the device is not very powerful so you can't emulate fast machines. Those which I've tested worked nicely.
The community is the best thing about these devices.
promiscuous mode works fine, no packet injection. A free driver is in the works, but it is alpha quality and development seems to have stagnated last couple of months.
No idea, don't have an ipod touch.
No idea, try a Nokia store. I bought mine in ebay.
About battery life, it is 7 hours playing music/video. Playing streamed music it is down to 3 hours. Playing streamed video, down to 2 hours.