Ahh... OP, I feel your pain. I'm waiting for a 64GB iPod Touch as well. I have ~45GB of music at the moment.
For those of you wondering why anyone would "need" that much music with them all the time, here are my personal reasons:
It's an emergency backup of my music. If something happens to my laptop (and this has happened before!) and I lose everything on it, I still can drag the files back from my iPod to a computer (with or without Apple's permission, I don't care. It's my music.)
It's much smaller than bringing a laptop with me during travel. Sure, I could buy a netbook and load it up with all of my music, but it's still a hassle to pick and chose everything I want every day. Not to mention on full days of travel (going overseas, depending on the location, can take up to 14-20 hours!) where I can't sleep I like to be able to listen to whatever my mood desires without worry.
Higher quality rips take up more space. I don't have a lot of 320kbps tracks, but I do have some, and I imagine if you ripped all of your music that way it would be quite the space hog...
And lastly, I'm picky and it's my media player so if I want to have all of my music with me all of the time, what of it? More space means more movies, as well. If the flash chips are going to increase in size anyway, and the overall shape of the player isn't going to change due to the upgrade, what's the problem? Why complain about having MORE space? If you don't need it, great, but there are people who want it, and it isn't hurting you 😛