Yeah, you're thinking like AT&T. But they don't have any say in this.
I don't think Apple really cares if you buy an iPhone or an iPod, as long as you pick one of the two.
I thought Apple was still collecting monthly revenue on the iPhone. If that is true, then Apple would much prefer you bought the iPhone. The trouble with comparing the iPhone and iPod Touch is that they don't compete for most of their customers. If you're in the market for a smartphone, you're likely after the omnipresent data connection; certainly not a camera. To this end, feel free to add everything but the phone/EDGE/3G connection to the Touch and you won't lose my smartphone subscription