Does the iPad support multitasking?

Though there's been no official word from Apple on this, the general consensus is that no, the iPad -- like the iPhone -- cannot handle multitasking.

The reason for this consensus is that the assumption is being made that if the iPad did provide multitasking capability, the lack of which the iPhone has taken considerable criticism for, Apple and Steve Jobs would have made a point of noting the multitasking ability of the iPad.

Since no such mention was made, the safe assumption (for now) is that the iPad can only run one application at a time.

UPDATE: Thanks to iOS 4 both the iPad and iPad 2 support multitasking!