The point of the camera on the Touch is HD video recording and editing using iMovie. If it succeeds at that, then I think they accomplished their goal. That feature is to compete against a Flip cam.
I didn't get a new touch last year because it didn't have a camera. I got the 64GB model I wanted, but no camera. This year, I got the camera, a better display, and the same 64GB plus a much faster processor. Seems like a worthy upgrade from my 2nd gen iPod touch. But money is now the issue!
The nano looks good. Video playback on the last gen Nano was hard to watch. I bought my wife one. She has never used the camera. I loaded a movie on it and it was so small, wasn't worth trying to watch. Looks like the new Nano has a smaller screen. Video playback on something that small isn't really practical.
Besides last year... the complaints were: The nano got a camera and the touch didn't? Now, it's the nano lost it's camera and the touch camera isn't good enough.
The AppleTV is nice, I guess, but I like having local storage on the device. So, I will truck along with my current AppleTV.
It is strange, though, that there is so much overlap in the devices I have on my TV...
All 4 of them display photos
3 of them play music
2 of them play DVD's
3 of them play games
1 of them plays Blu-ray movies
3 of them can play music from my iTunes library (2 of them through the use of 3rd party software)
3 of them can play videos
Of these, the PS3 is the most complete. Games, Blu-ray movies, music, photos, music, videos... but like most non-computers, the codec selection is limited in scope. It can stream my pictures from iPhoto (via MediaLink) and from Facebook, can stream music from iTunes (via MediaLink), videos from video folder (via MediaLink), can stream videos in iTunes (via MediaLink) except iTunes DRM'd music/video.... plus rentals from Sony's store and Netflix.
MediaLink is supposed to transcode on the fly into a format that the PS3 can handle. Though sometimes, I still get a video I can't play...
PS3 + MediaLink can do as much or more than AppleTV. However, the interface can be a little intimidating to some. The AppleTV interface is the easiest to navigate of the 4...
There is still no 1 box that can do it all. Probably never will be. PS3 + [current] AppleTV seems to be my best bet even if there is significant overlap of functionality.
EDIT: A Mac Mini would be the perfect solution but lacks blu-ray... perhaps some sort of Windows-based HTPC would be a solution. Dell ZinoHD?