It's like watching all the lessons we learned about multitasking in the early 90s coming true all over again...and once again Apple is running a hair behind the competition due to various architecture decisions.
I have hope that we'll see a new iOS in a year or two though that does multitasking and notifications correctly (or at least in an appropriately Apply way).
There's still tons of room for Apple to leapfrog over Honeycomb without too much work since I'd argue that Honeycomb is the first version of the OS to out and out compete with iOS. iOS today is really a number of subtle tweaks to the original, some refinements here, a new gesture there, etc. Apple has got to have something big in the works that'll push their stuff into the next generation.