There's a grid view for running apps like on N900. And the apps are live, like on N900 (ie you can see them moving in miniature form). It's 3 apps wide and 3 apps tall in portrait mode. I don't know what'll happen when you have more than 9 apps. My guess is you scroll.

K123 means is that when you swipe from one app to another, the apps are live during the swipe, so if you have 2 videos, you will see half of both playing when you're mid swipe. Only seen it in portrait tho, and the illustration is in landscape, but I guess it's the same.