Unfortunately, Apple don't care if you or I cannot afford an iPhone and can "only" afford an iPod touch.
Apple will not blur the lines between the iPod touch and iPhone to the extent that all that's missing from the iPod touch is the phone. I noticed you also said, "Give us that. Camera, Video, Internet, GPS, Compass etc etc.".
The iPod touch already has internet via wi-fi, but if you expect Apple to provide the internet on the iPod touch via other means .... keep dreaming, it's not going to happen.
I think the difference would be the phone. If iPod Touch has all features except the phone, even if you use Skype to communicate through iPod Touch it won't be as mobile/reliable as iPhone. People who need the a cell phone would get the iPhone, and people like me who don't need the phone, would get the iPod Touch.