Argh, no it isn't and I see a lot of normally well informed people, like you, making the same mistake over this.
Multi-tasking, where you can pause a game, open the browser or an app and then go right back into the game from where you left off, is in the PS4 at launch. This should be obvious, seeing as the FAQ last week said that you can use the Music Unlimited app for custom soundtracks.
Suspend/resume is what we'd normally call sleep mode. It lets you pause a game, power down your PS4 (which provides enough power to keep your game in a suspended state), turn your PS4 back on and then immediately pick up your game right from where you paused it. This is the feature that will be patched in.