@OP
AmigaOS multitasks better becuase it uses a flat memory model. XP and Linux have to switch MMU registers for the localized memory maps of each app. MacOSX uses a microkernal but still requires the localized memory map for each application so it's still slower than the equivalent Amiga (if such a machine exists).
@Itix
Oh and incidently Windows 9x didn't multitask either. It just ran background processes while waiting for mouse clicks and keystrokes. While the foreground task was running, it hogged the processor. At least the AmigaOS multitasks preemptively for equal task priorities.
You're right about a busy-loop in a higher-priority process though.