One thing that isn't shown, and should make a difference: the lower amount of ram will give you "less efficient" multitasking, as less apps can stay active in memory before getting closed. That means: if I open five different apps one right after the other on my iPhone 4, there is a better chance I'll be able to jump back to the first app without any wait, while the iPod touch will most likely have to launch that first app again. But, besides that, the two devices do perform virtually the same.
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September 12, 2010
The only real performance related hardware difference (as shown on iFixit) between the iPhone 4 and the new iPod touch is that the iPhone 4 has 512MB of RAM while the iPod touch has only 256MB (like the iPad). You might be wondering what impact such a difference will have on your daily usage. Well, iSpazio came across an interesting video that pits the two devices against each other. As you'll see, the iPod touch is actually just as fast as the iPhone 4, and even beats it sometimes. Check it out: