MUAhahahahahaHAAHHAA I am right!!! Take THAT Paul! In his defense, Paul is from Michigan and they say all sorts of things funny there. Not like me, I'm from New York, where everything is pronounced properly.
@mdonatas: I will clarify. WP does have multi-tasking, just not necessarily FULL multi-tasking. Some apps, like music playing apps, can continue to run in the background. But, most apps will actually be idle in the background, but ready to resume right where I left it when I switch back to it. Apps in the background can still update Live Tiles on the Start Screen, or receive push notifications.
Holding down the back button opens up access to the multitasking apps. They appear as thumbnails--I can swipe back and forth to see what's running and tap the app I want to open.