The iphone5 will come out when the ipod touch should, i dont think apple will not wont to realese them together or it will saturate the market, so they will realese it before or after the iphone5 is out and as there is no leaks like there is with the iphone5 my guess is it will come out after, if it coms out after you will probably beadle to buy a iphone 4 for the same price as they would bring out a new ipod at.
Plus there is no listing of ios sporting a new ipod as there is with it sporting a new iphone.