I think they'd leave off the camera and mic simply to help differentiate it from the iPhone, just like they have in the past. Apple make a *lot* more money off the iPhone than they do the Touch.

Incidentally, I just installed iOS 4 on my iPOd Touch and so far I'll say it's a total waste of time. The "100 new features" boils down to maybe 2 or 3 you'll actually see or use on this device. And VERY minor ones at that. Under the hood for developers, the SDK adds a bunch of new stuff. But from an end-user perspective this is more of a .1 version update - if that. Apple's built-in software still pretty much all sucks. The iPod App is still a huge piece of crap - looking for alternatives as I write this.

For all of Apple's good design sense, their software designers just don't get the iPhone and iPod form factor. I mean, it's still the best mobile OS out there, but that's simply just not good enough, IMO.