I understand that "at once" is a delicate term around here.. But what i'm referring to is can i expect the Arduino to handle communicating to an SPI device (LED strip) a I2C device (Servo controller) all while receiving and relaying various information from it's USB connection?
SPI, I2C, and USART for USB are all seperate hardware paths within the microcontroller.
The databus that handles the data going to/from the unique registers is common to all 3, so once a byte comes in from an interface it must be dealt with, and that's where the "at once" part comes into play. SPI & I2C are both clocked interfaces, so if the uC is busy dealing with data, the software can't start the transfer that creates more clock pulses to bring the next byte in. UART has a larger hardware buffer behind it (2 bytes vs 1 byte), so that might be a little more independent.