My best friend uses her cell phone for work and we get interrupted frequently when we're chatting during the day. I understand that she needs to take business calls. Sometimes she sees who it is and says "I can call them back later". Either way, it doesn't bother me.
I cannot imagine having a party line today. We had one when I was very young. By the time I was using the phone myself we didn't have it anymore. I can remember my Mom complaining about so-and-so who was long winded!
I have call waiting but my phone shows me who's calling and 9 times out of 10 I don't take the new incoming call. My kids know if it's an emergency they can call my cell phone and I will pickup.
One thing that really bothers me now are the cell phones that have the Internet and text messaging. Nothing is ruder than sitting at the dinner table (at home or out) and fiddling with the cell phone and ignoring the other people at the table.