I bought my refurbished iTouch about a month before the newest iTouch came out. Needless to say, I was a little bit upset when I heard that the newer iTouches came with built in speakers, a volume toggle on the outside, and they had starting prices at about $100 cheaper than the original iTouch. I had no idea that the newest one was coming out so soon, apparently my research had been a tad bit off!
In any matter, I am enjoying my iTouch. I’m still not a big fan of iTunes, but hey, I’m getting used to it–as I should, in the event that it becomes the only music player from which you can download songs. I say this because free services such as Rhapsody and Ruckus that allowed college students to download songs into players, but not copy songs to a CD, iPod, etc, have shut down. Ruckus discontinued its services very recently, I believe even last week.
However, I am not here to wallow in my sadness about how my music has been taken away from me.
Applications–yet another way for Apple to make money. Granted, they do offer a lot of free applications, people are now making their iTouches do even more than play music and go on the Internet.
Personally, my favorite application is Google Earth. A free download, I now have Google Earth at my fingers! I also love playing TapTap. Like guitar hero, here is a game that you match your fingers to the colored dots to play music. Another common application is Labyrinth–this a game where you try to get a ball through a maze without having it drop into the holes along the path. It’s super addicting, along with a game called Cube Runner. Cube Runner is a game where you try to avoid cubes as your triangle moves forward. It sounds simple, but while it’s easy to learn, it’s hard to get past every level!
Those applications are all free; there are a ton more (free and not free) that are just waiting to be explored! They don’t take up too much memory, so download some fun!

I had the same worry when buying my iPhone 3G about a month ago, an still do to be honest! I would be crushed if a new iPhone came out so soon after my purchase.
Glad you’re enjoying your iPod Touch