You are actually asking two separate questions - one about hardware and one about software.
As for hardware, we are assuming that this year's iPod Touch 5, released today, has the same internal hardware as last year's iPod Touch 4. We won't know positively until someone actually buys it and takes it apart. The only difference this year is an external hardware change because you can now buy it in black OR white. Last year, you could only buy it in black.
By "chips", you mean the internal processor. All iPods have a processor. This year's new model and last year's model appear to have the same one - the A4which is pretty good. The iPhone released today has a newer and faster processor, the A5.
As for iCloud, that is not hardware, but software. iCloud is part of the iOS5 software release that will happen on October 12th. You can download the software and install it on the iPod Touch 4 or the iPod Touch 5. It will have a lot of new features, but you don't have to use them. iCloud just lets you store pictures, videos, music, and documents. You can download and upload them to the iCloud. Anything you buy from iTunes (music, tv shows, movies) can be stored in iCloud for free. Anything you personally upload - your own music - your own videos and pictures have a total of a 5GB free limit which is fairly large.