I'll be using it as my DVR soon.
If you need to use it as a DVR because you don't have one or want to watch alot of TV directly from cable/satellite then this would be a huge advantage that would make the Archos 605 a very different category of device and not "directly" comparable to the ipod touch.
On the other hand, if you don't, my vote is still for the touch (which I've had for 2 weeks and have to say is truly amazing).