The new iPod touch is a 16GB model. When Apple launched the 5th generation iPod touch last year, it shipped the device in 32GB and 64GB models, priced at $299 and $399, respectively. The new model runs $229, but in addition to a lower tier of internal storage, it omits the the "loop" lanyard hook and the 5MP iSight rear-facing camera.
It still features the 4-inch Retina display, dual-core A5 processor, and front-facing FaceTime HD camera in the same 6.1mm-thick case as the original 5th generation version.
Apple launched the iPod touch in 2007, just a few months after the first iPhone. It's been dubbed the iPhone without the phone, and generally mirrors the design of the iPhone.
Since its release it has become one of Apple's most popular products, and -- as long as there is wi-fi around -- is a good way for many to enjoy iOS without spending on a wireless carrier plan.