Nice efforts so far. I would do a few things differently, so take them or leave them, as these are merely suggestions.
First, I would focus on the target audience of the Touch, which basically means anyone who doesn't already own one

. They may view this and have no idea what you are "selling", and may never have seen a Touch before. Showing off some of it's features in a manner that they could easily view, rather than using special effects to mask the product would be nice.
The Touch is a sexy looking piece of hardware, and you never actually showed it off. The rapid flailing of the product didn't let me know what it was, what it does, etc.
Your intro text took too long to come in focus for me to actually read it, and was gone too quickly by the time it did for me to know what it said. This is an easy fix by expanding the amount of time it shows in the time line. The energy was great, but too much energy can detract from showing off the product just as much as the effect filter. Remember, the purpose of a commercial is to make your audience want the product. Perhaps a nice shot of the Touch at the end with it's screen showing a basic function that doesn't lead others to ask if you have something installed not normally seen on a new model?
Other than that, nice job. iMovie is such a fun program, and I'm glad you're experimenting with it, and learning it's functions. I hope you continue to work on this, and would love to see the final version, as well as the in-betweens. Thanks for sharing.
