I think the new Ipod Touch is great!
It's a lot more feature packed then I thought it would be.
For the price its amazing, it's missing:
3g
GPS
Good Camera
Flash (for camera lol)
But it has:
Retina Display (awesome!)
A4 (awesome!) (probably 512 ram)
Front camera (facetime obviously, but skype as well, no?)
Back Camera
HD video (how will this compare to Iphone's HD video?)
Gyro (I read somewhere)
etc
It has a lot more than it doesn't.
They made it an incredible device that will sell a ton, but without making it a viable alternative to the Iphone.
It is basically the Iphone for kids. It can play games just as well as the Iphone, can browse the internet, video talk and a ton of other things.
But it's missing the monthly bill, navigation ability, push email everywhere, etc, that adults need and crave.
It's a much better gift than the iPhone, since it doesn't come attached with a debt
To answer your question my family is gonna keep all 4 of our new iPhone 4s.