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No it doesn't bacause Windows Phone 7 doesn't actually real multitask. It's some kind of fake mutlitasking so if you hit home button the current application doesn't run on backround but freeze itself and that's why apps open on backround don't drain battery on Windows Phone 7 operating system.

There aren't any in Windows Phone 7 but you can use back button on your phone as back button in the Internet Explorer. Replacing forward button is little bit harder but if you save "javascript:history.forward()" as favorite page it will works just as forward button.