I bought the 1G 32GB Touch a few months after it was released. A couple of months later, the second gen came out. I've been waiting for gen 3, and will probably buy it for the 64 GB capacity. Next, I'll be screwed again when this company releases an updated touch in early 2010. I can't wait. What I really wanted was the built-in mic. Guess I'll be waiting for gen 4 for that. Seems like a silly business model, to be updating hardware more often that once per year. But then again, I read the signatures of folks on this forum and it seems that too many people have no problems shelling out for every iteration of a product. What do you do with all that stuff?