So we just got our hands on the new iPod touch... and boy is it small. As you would expect, the functionality of the device is identical to the iPhone 4, as well as the functions of the cameras. In essence, it's a much thinner iPhone 4, with no cell radio and a lower quality still camera. The design is relatively in keeping with previous touches, so no major surprises there, but the inclusion of that A4 chip, higher resolution screen, and front and back cameras makes it a far more versatile device. Take a look at the gallery below if you're wondering just how much of a sliver this is -- it makes the iPhone 4 look... fat.
Update: It's worth noting that the back camera is clearly not the same 5 megapixel shooter present on the iPhone 4, as the specs on Apple's page for the touch list the still photo resolution at 960 x 720 -- a huge difference.