The Good The 2012 fifth-generation iPod Touch has an excellent set of features: better front and back cameras, 1080p video recording, iOS 6, and a 4-inch Retina Display just like on the iPhone 5, in a design even thinner than the iPhone.
The Bad The iPhone 5 still beats it on performance. The Touch lacks any phone functions, and there are tablet competitors that beat the $299 Touch on price and screen size.
The Bottom Line The latest iPod Touch is the best iPod ever, and as close to a phoneless iPhone 5 as you can get -- but its high price makes it a tough call versus cheaper tablets with larger screens.
An iPad for your pocket
Editors' note, October 15, 2012: Updated with final battery life results and screen-testing observations.
Editors' note, October 23, 2012: In addition to the iPod Touch reviewed here, Apple also now sells an iPad Mini with prices starting at $329. It has the same A5 processor as the Touch, but the 7.9-inch screen size is significantly larger.
Editors' note, May 30, 2013: Apple has added ato the fifth-generation iPod Touch line, and discontinued the fourth-generation Touch. Notably, the 16GB model does not feature a rear camera; the hardware is otherwise identical to the 32GB model reviewed here.