I was also happy to see the feature still working after the most recent iOS update. Since it's a Developer item and not yet incorporated into a "public" iOS version it should stand on it's own through any update.
I've really become spoiled by all three gestures and rarely use the home button anymore. I could see a button-free iPad one of these days. I just wish it was available for my iPhone as well!
Here are the gestures currently available:
• Swipe four or five fingers—to the left or to the right—to navigate through open applications.
• Swipe four fingers up to access the running apps tray and playback buttons, including Airplay controls.
• Pinch with all your fingers to go to the home screen from any app, without touching your home button
For anyone wanting to try it themselves...here are the details:
Gizmodo, the Gadget Guide
I had no use for Xcode after the installation and noting that it takes up 10+GB of space I uninstalled it by typing this command in terminal:
sudo /Developer/Library/uninstall-devtools --mode=all (type "exit" and hit Return after the process is done)
BTW, after installing the multitasking gestures program I found the slide lock to be totally unresponsive.
After a quick hard reboot and sync with iTunes all was good again. Phew!
EDIT: I haven't tried it, but here are instructions for PC users:
How To: Enable Multitouch Gestures in iOS 4.3.1 For Free | pinglio
Here's a video showing how to do it as well:
[ame=http://www.youtube.com/watch?v=uktPleZ8O8Q]YouTube - Enable iPad Multi-touch Gestures on Windows, no jailbreak request. (for iOS 4.3/4.31)[/ame]
Looks a bit more complicated, but if you're the adventurous type!