Different animal, IMO.
iPod touch is not a flagship product. Putting a protruding camera lens on an iPhone would take away from its sleekness and style, and would damage the product in the eyes of a much larger market, where Apple spends a lot of its time indirectly criticizing the competition's aesthetics. The iPod Touch has no direct competition.
Design typically rules at Apple, and the engineers are then required to build to the design. If Ive is willing to allow product thinness to cause a protruding camera lens, he is truly suffering from design anorexia, and needs professional counseling.
Just my $.02.