I have an ipod touch and this is definitely not what I want. I didn't buy an iphone because all it is is a thicker, heavier ipod touch with worse battery life and a mediocre phone and camera built in. I have a nice, small, light mobile phone with an acceptable camera and it doesn't make me look like a tit holding a metal brick up to my ear to make a call.
No, what this ipod touch user wants is iOS support (or at a pinch an app) to allow me to do what the ipod touch hardware is perfectly capable of, I want to be able to bond my ipod touch through bluetooth to my cheap but very capable phone for mobile internet access on the ipod. That would be the best of both worlds, a phone which works great and a mobile entertainment device which works great. As a bonus you could also still use the ipod while talking on the phone, can the iphone do that?