<cynic>They want you to buy the iPhone 4GX (now with multi-tasking!) in 6 months.</cynic>
The hardware can handle it - jailbroken iPhones can do it, and other phones with similar hardware can too. Here are some possibilities as to why it hasn't happened on the iPhone yet:
- they haven't figured out a good interface for managing multiple tasks (no small feat)
- they are worried about battery life (their stated reason)
- they don't want background apps to slow down active apps
- they (seriously) are waiting to charge you for it, just like they did with video
I'll wager it's for all these reasons to some extent, but probably not much of the last one. They've spent a LOT of effort on workarounds (notably push notifications and data APIs) to allow some backgroundy features. I they must think that it's worth it not to have true multitasking.
Also note, almost all of the native apps (definitely Safari, Mail, iPod, iTunes, Phone, and Maps) are always or can be running in the background.