One other major difference between the iPhone and the iPod touch:  The iPod touch, because of its razor thin size, lacks the battery heft of the iPhone 4.  Compare the battery sizes below:

iPhone 4 (left) 5.25 W/Hours vs. iPod touch 4th Gen, 3.44 W/Hours (right)

Obviously the iPod doesn’t require 24/7 3G radio power as well so the difference isn’t as profound in the real world as you might initially expect.

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