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I'm on a stock E4GT from Sprint. No it doesn't video multitask like that. If I start a video and then hit the home button, it pauses the video and waits until I return.

When I played a video then hit the home screen button, it switched to the home screen. After a minute when I went to the task manager (by holding down the home button for 2 seconds) and chose videos, it switched back to the video player and the video continued to play from the point where I switched to the home screen.
 
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