They can only do so much with a $229.99/$299.99/$399.99 price point. I bet you it's a cost thing. Remember, full cost (to produce and MSRP) for an IP4 is much greater than what an iTouch would be. They can only do so much and still make a profit.
I'd rather Apple offered, like last year, a base 8gb model with previous gen hardware (ipod touch 3G) but high-end models (32gb/64gb) that offered "the real ip4-like iOS experience", including a full featured IPS Retina Display. Hardware-wise (if we don't count radio chips) high-end iPod Touch models have always been equal or better (a bit overclocked CPU, etc) to the current iphone, having a worse display it's a first.
The fact is this year they HAD to give the Gyro and Retina Display (at least resolution-wise) even to the base 8gb model, in order to make the latest games work at their best on it. Because they are marketing iPod Touch as a gaming platform and as such it's crucial to make even the base model enjoy a full AppStore-Gaming_Section experience, and it's crucial to get rid of non-Gyro-enabled and non-Retina models ASAP.
So, basically you're right, and I blame mostly the 8gb model for the budget restraint.