I don't see apple going with the ipad design because of the rumors of a smaller ipad. Plus people that aren't as educated as us here on macrumors, may think its just a small ipad, and go for the cheaper device.
Why? The first-gen looked almost exactly like an iPhone 2G.
Not really.
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I can see them definitely flattening the back. But still with curved edges that curve into the side to meet the front. I think it will look like a close cousin of the iPhone 4, but no glass back, and obviously no metal band around it. The back will be brushed aluminum like many of the other Apple products. I'd love it it it were black colored brush aluminum like is available on the Nano. That'd keep it in close cousin territory with the iPhone, look very sharp, but without the glass.
Why no metal band? The iPod touch needs an antenna too
I think it's going to go back to a shape similar to the 1st gen, but replace the chrome with aluminum. Personally, I like the 1st gen design much better than the current one. The 2nd and 3rd gen ones just feel too thin for when I try to play games.
It doesn't need ALL those antennas though, only one for Wifi, which is currently houses inside with no problem. But you do raise a good point. Apple moved them to the outside on the iPhone to make room for more stuff, like the additional cam and gyro and such. Maybe they'll follow this same thinking for the new touch as well.