From the Apple press release:
Apple® today previewed its iPhone® OS 4 software and released a beta version of the software to iPhone Developer Program members. The iPhone OS 4 beta release includes an updated Software Development Kit (SDK) with over 1,500 new Application Programming Interfaces (APIs) and over 100 new features that will be available to iPhone and iPod touch® users this summer. New features include Multitasking for third party apps; Folders to better organize and access apps; improved Mail with a unified inbox, fast inbox switching and threaded messages; enhanced Enterprise support with even better data protection, mobile device management, wireless app distribution and more; Apple’s new iAd mobile advertising platform; and iBooks, the delightful new ebook reader and online bookstore recently debuted on the iPad™.
I’ve also heard reports that only the latest models will be able to use OS 4. But they’re also going to get folder support and multi-tasking. Wow, what an innovative company!

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