The video here sums it all up quite nicely, if I dare say, but here's a few key points worth noting about the iPod Touch.
Standard headphone jack
It may seem like an insignificant detail, but after the iPhone threw us for a loop with its recessed headphone jack, everybody wants to know if the iPod Touch has the same issue. The answer is no. Despite the fact that the iPod Touch looks nearly identical to the iPhone, the headphone jack is a standard plug that accepts any 3.5mm stereo headphone connection. The jack also distinguishes itself from the iPhone by being located on the bottom of the player, instead of at the top.
Wi-Fi iTunes store
While most of us expected a new iPod that basically functioned as a phone-less iPhone, few of us expected Steve Jobs to give in to the demands for wireless iTunes music downloads. Alas, that's exactly what he's done, allowing both the iPod Touch and iPhone to connect directly to a mobile version of the iTunes Store where the entire iTunes music catalog can be browsed, previewed, and purchased--wirelessly. Although we haven't had much time using the Wi-Fi iTunes Store feature, at first glance, it looks like the selections are limited strictly to music selections, with no offerings for wireless video or podcast downloads. Recently we've seen products such as the Archos 605 WiFi offer wireless movie downloads over Wi-Fi, so it will be somewhat disappointing if Apple does not follow suit.
All in all, the iPod Touch looks like a beautiful product. Offered in 8GB ($299) and 16GB ($399) capacities, with a battery life of 22 hours for audio, and five hours for video, the iPod Touch delivers on all the features we loved about the iPhone's iPod.