Given the multitasking function of iOS, will other applications that are currently sleeping affect my app (which is currently active) performance or memory consumption?
Absolutely. Any application that is running in the background (within the various parameters for when that's legal) will impact CPU availability. Apple apps can run in many more situations than 3rdparty apps, and they also will compete with you. I've particularly had trouble with Mail.app in the past.
Memory performance is a bit trickier, but yes, other applications are in memory at the same time and you can definitely generate memory warnings sooner with other applications in memory than you would otherwise. In principle, you should be able to get as much memory eventually as you would without other apps running, but that's not completely true. In particular, don't forget that Apple's apps don't always follow the same rules as 3rdparty apps, and if they're eating a lot of memory, they may or may not be killed.
The other performance consideration is network bandwidth, and this is most certainly a way that background apps may compete with you. I don't believe Apple is applying any bandwidth limiting on background apps, and downloading large files is a prime background activity. (There is some discussion that AppStore may decline apps that hit the network too hard while in the background, but I'm not aware of an official position on this. In any case, it it certainly legal to use some bandwidth in the background, and that's bandwidth not available to the foreground app.)
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