Multi-touch (or multitouch) denotes a set of interaction techniques which allow computer users to control graphical applications with several fingers. http://en.wikipedia.org/wiki/Multi-touch
Bill Buxton with Microsoft has a website that shows a great history/timeline of the touch screens here. http://www.billbuxton.com/multitouchOverview.html
Multi-touch has been around for a while, but only recently has made “headlines” with the iPhone. Multi-touch enables users to manipulate items on the screen with just finger motions. For graphic designers, we have had the use of the tablet for a while and with that came the multi-touch.

As a web designer, the multi-touch will be a huge asset. Being able to create a picture on a computer that is comparable to an actual painting!! Then later to be able to design a site that users can move items on the website with their fingers, that would be awesome!!
There is also a plan to replace keyboards & mice. Which again would help designers from carpal tunnel syndrome, and other repetitive motion injuries. Multi touch interfaces will offer many more opportunities for creative manipulation – new video games, & not to mention new digital media.