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At the ending of Apple iPhone OS 4 event, Steve Jobs announce that the iPhone OS 4 will release on iPhone 3GS,  iPod touch third generation this summer  and also for new iPad later this fall. He also said that iPhone OS 4 will capable for iphone 3G and early iPad touch, but not including the Multitasking features.

It's means that for those owners of iPhone 3G, iPhone 2G, and the first or second generation iPod touch models, you are not able to multitask, because the hardware just can't do it, but the other iPhone OS 4 features are OK to use. Jobs says that, for the current generation of devices "will run pretty much everything", but the early generation models "will run many thing, but not everything."