I love my iPod Touh 1st gen. It has held up remarkably well and it never leaves my pocket. However, with the release of ios 4 this year, there's finally a really compelling reason for me to upgrade. What I want is all the features of the iPhone 4 without the phone, and in the thinner lighter iPod Touch form factor. The retina display, Facetime/front facing camera, 5mp camera with flash, 720 video recording (very nice feature for me), built in mic, gps, 3G (can I get data only for the phone, like I do with my iPad?), a4 chip, gyroscope...combined these features would make a pretty ideal iPod Touch. So, I'm considering buying the iPhone without a contract as my new iPod Touch. Does anyone do this? I know the iPod Touch 4 will have some of these features, but I'm afraid it will be missing some of the more key ones. I dislike wasting money of course, but the 700 dollar price tag for a is not a barrier for a device I will use absolutely every day for easily the next two or three years (I'm not one to upgrade every year for relatively minor improvements). My question is...is there something I'm missing in my reasoning. Admittedly, I'm no expert and have never owned an iPhone for a variety of reasons. I've always preferred the size and weight of my iPod Touch to that of the iPhones I've handled, but the new iPhone is much closer and the feature list would keep me happy for quite some time I'm sure. I am also going on a 2 month business trip to Korea in July (there right now) and would prefer to get the iPhone before then if I'm confident I'll be happy with that decision rather thuan waiting until September to see what the new model will look like. Getting to use it for that trip alone would be worth part of the extra price. Thank you for your feedback.