Nope.

That Android will gain ground on Windows is practically a guarantee. This is the first time in decades that MS will have to share store display-space with at least two OSs that have generated tremendous momentum in the last short years. Android in particular is gobbling up user share.

And, Android does process multitasking. The opinion that it doesn't is based entirely on ignorance. It does it differently than something like Linux or Windows, but make no mistake, it is there. In fact it offers finer granularity than many traditional system and gives developers the ability to choose when the app will be cached given the user-driven events (eg. losing focus).

If you were implying user-level multitasking (eg. display panes, or floating windows), then generally yes, this is currently lacking as an OS feature.* However, I expect that this will become part of the OS in short term, and I certainly hope a multi-pane approach is implemented.

*I say generally, in that some apps (eg. DICE video player) exploit remote-view to create floating windows regardless of the apps visibly running underneath.

-Capt'n