It's simple really. Either you need a phone or you don't.
Get me an iphone that uses EVDO and ill will say the iphone is better. EDGE is a joke as far as speed is concerned. For now us Verizon customers can stick to our smartphones and laugh at people on EDGE struggling to download anything.
Im pretty sure some if not all of those apps will be brought to the iPod Touch. Do you really need another crappy camera? Do you need bluetooth without the phone?
I do agree though, if ATT had a plan without data it would be ideal for me as well.
The iPhone's camera may not be top of the line, but it's much better than what's currently on my phone, so I would like a camera even if it also meant still having to carry around my old phone. And bluetooth without stereo is not terribly useful, I'll agree, especially on a device that is primarily a media player, but stereo bluetooth would be nice, and, given that there's already 3rd party aps that do this for other iPods, it seems like there'd be some interest in that feature as well. But then it's probably safe to assume that these 3rd party aps will be retooled for the iTouch, if they don't already work with it.
But yes, the data plan is the (somewhat) hidden cost of the iPhone. It's an extra $600 for a feature that, while nice, is not $600 nice, at least not to me.
I like the iphone due to to the speaker. I can't believe they left this out on the Touch. If I chose the iphone, I won't ever use the phone feature (unless USCellular is able to use it at some point).
What's the weight difference between the two?
I do like the size, shape of the Touch better. Anyone know if any accessories are coming out with it on release or shortly after?
SK
...
Another iPod advantage for me is I can actually buy it in Canada.
If you're a fanboy, the ipods better because it's newer! 
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Let's consider the iPod touch vs the iPhone without an AT&T plan:
iPhone pros:
* iPod loses the camera.
* iPod loses a bunch of useful applications like google maps and email.
* iPod loses earphones with remote control bud.
* iPod loses side mounted volume control.
* iPod can't be hacked to be used on another cell phone carrier or to replace current phone.
* iPod lacks external speaker.
* iPod lacks bluetooth.
iPod pros:
* $100 cheaper for the same storage
* For now, available in larger capacity.
* Slightly smaller.
Overall, it seems to me the iPhone is a better iPod than the iPod even with no actual phone service. When a 16GB version comes out, probably in the not too distant future, it will be even more so.