I'm happy with the updates on 2 fronts. First, already owning a Touch, I don't feel compelled to run out and get the new version due to some massively awesome new features. And secondly, it a good, modest revision with very nice features. They improved on the 1st gen and made an iPod that is even better and will likely sell pretty well (for an expensive MP3 player and game device). That will inspire Apple to continue improving on it and perhaps by the next iteration I'll be in the market for a new one.
I do like the new features they added, but I would still like to see a GPS, which would make the Touch pretty much "untouchable" by any other non-phone device.