I posted on another thread my concern about iOS4.1 not being out yet. Without a released version of iOS4.1, Facetime won't work, since it needs the email based contacts in iOS4.1 currently only in beta. They would need to load the new version onto the new iPod touch presumably in production now or you have a shipping device with a non-functional front camera. Apple won't ship something that doesn't work, so may have decided to pull the feature - "oh well they can wait till next year".
Yes, Apple will ship before software has been completed. The second generation ipod touch had a bluetooth chip installed that wasn't activated until iOS 2.0 was released. After the update, people were able to use bluetooth on the ipod touch.