Here's what I realistically think will be on "the new iPod touch" 
- Better camera:
- ≈3MP back-facing
- 1080p if iPhone 5 gets it
- Same or slightly better Front-facing
- Flash
- A5X/A6, whichever the iPhone 6 gets
- Same capacities and prices
- Slightly thinner
- 512MB RAM
Doubtful, but would be nice:
- GPS
- ≈5MP back-facing
Will never be on the iPod touch:
- 3G. If they put 3G on the iPod touch:
1. They wouldn't sell a single iPhone to Earth's sane population
2. It would get much thicker, making it an iPhone with VoIP instead of GSM/CDMA
- Better camera:
- ≈3MP back-facing
- 1080p if iPhone 5 gets it
- Same or slightly better Front-facing
- Flash
- A5X/A6, whichever the iPhone 6 gets
- Same capacities and prices
- Slightly thinner
- 512MB RAM
Doubtful, but would be nice:
- GPS
- ≈5MP back-facing
Will never be on the iPod touch:
- 3G. If they put 3G on the iPod touch:
1. They wouldn't sell a single iPhone to Earth's sane population
2. It would get much thicker, making it an iPhone with VoIP instead of GSM/CDMA