Most like iOS
anyone have a good video of how windows phone 8 does multitasking? do things automatically multitask like the iPhone? or do you have to hold a button or something get an app to multitask? or does it keep running like the iphone and android till it runs out of memory then closes it?
Based on WP7 and what's been said about WP8, it will work most similarly to how the iPhone does.
This means that first-party apps like the music, email, store, and phone app can multitask -- that is, they can keep doing their thing while any other app is running.
Third-party apps (the ones not from Microsoft) cannot multitask except for a few exceptions. However, like on the iPhone, these apps simply go into the background, taking up memory until it's needed, but not getting CPU time and thus not draining your battery like some badly-behaved Android apps can.
Those exceptions are: 1) apps relying on a small set of "background-enabled" API functions (things like file downloads, GPS tracking, music playing, etc), 2) an app may ask permission to run "under the lock screen" so that it keep getting attention while the screen is off as long as it was the last-running app before the screen turned off, and 3) strategic partners who may have ben given special permission from Microsoft to multitiask.
To the best of my recollection, that third one is speculation, but it's plausible that MS might grant its handset hardware partners and key developers permissions that they don't give to the great unwashes masses who can muster up $99/year for a developer account.
Switching from the running app to another in memory is done with a long press of the Back key, which displays a list. Unlike the iPhones list of "suspended" app icons, the Windows Phone list is full-screen and shows the snapshot of the app's screen. You then swipe left and right to pick the app that you want to see.