Before I begin, I want to add that this is not a topic for hating on the iPod Touch, or any Apple products, for that matter. Rather, discuss the pros and cons of the new iPod Touch, or any new Apple device, such as the new Nano or Shuffle.Link is
here.
Overall, I'd personally give the new iPod Touch a rating of, "it's pretty awesome, could be better though."
I'm still getting one because I misplaced my 1st gen back in July.
Final picture from iFixit's teardown:

Click to see larger version.Quick specs for those of you who don't want to read the whole teardown:
Rear-facing camera: 0.7 megapixels; when recording HD video, resolution is 1280x720 px and incredibly smooth, see
this review for a video example, however for still pictures, the resolution drop significantly, being 960x720 px for pictures, which is basically 720p in a 4:3 aspect ratio
Front-facing camera: VGA camera, just like the iPhone 4's, nothing really special here, can record VGA video
Processor: Apple ARM Cortex-A8 A4 processor, just like the one in the iPad and iPhone 4 (very fast processor for a mobile device), clocked at 1GHz with a grand total of one physical core
RAM: 256MB (eh), which sucks, but it's funny because the iPad has the same amount, while the iPhone 4 has 512MB
Display: 3.5 in (89 mm), 3:2 aspect ratio, 24-bit color, aluminosilicate glass-covered LED-backlit LCD, 960×640 px at 326 ppi
Input: ambient light sensor on back next to camera, very similar to the one on the iPhone 4; 3-axis accelerometer; 3-axis gyroscope; voice control (yes it has a microphone now)
Media: 8, 32, and 64 GiB flash memory
Power: 3.44 Wh, 930 mAh; Audio - 40 hours, Video - 7 hours (much better than previous version)
Graphics: PowerVR SGX
Connectivity: WiFi - 802.11b/g/n (802.11n 2.4GHz only)
Bluetooth 2.1
USB 2.0/Dock connector
Dimensions: 4.4 in (110 mm) × 2.3 in (58 mm) × 0.28 in (7.1 mm) (H×W×D)
Weight: 101 g (3.6 oz)
(see Wikipedia article for more details)