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thx1139 said:

Is it going to be basically the same as PS3 and Xbox 360 and run 1 app or game at a time and if you want to switch 1 stops and the other starts?

If I remember correctly, you'll be able to have more than one game or app open and running.  As well, there are background apps that are always available.

The PS4 OS is a multi-tasking OS.  So, time-slices are shared amongst open games/apps.  When an app/game goes full screen, it likely gets top priority, but I don't know if other apps drop into a lower state.