The Palm Pre does this nicely already. I wonder if there is some sore of licensing situation that is preventing Apple from implementing multiple exchange accounts or Apple just doesn't think that their customers need multiple accounts.
Yeah but the Pre is based on the idea that your data lives everywhere but on your phone, so it's setup to handle multiple sources of everything and merging them correctly.
The iPhone's software was built with the idea that you have one central identity server (either your mac or an exchange server), so it handle multiple "main" sources… not at all.