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So which is the better gadget at $299? A 4GB iPhone activated sans AT&T service contract (there are numerous ways) or an 8GB iPod Touch?

Here’s the list of things that the iPhone has that the iPod Touch doesn’t: Built-in Camera, Built-in Mic, Built-in Speakers, Stock widget, Weather Widget, Note pad, Mail.app, Bluetooth, and Google Maps, but no streaming YouTube functionality, as it doesn’t work over WiFi without the AT&T goodness.

iPod Touch has YouTube functionality, a smaller size, and, rumor has it, unactivated Bluetooth functionality inside.

So which is the cooler gadget for an old school gadget tinkerer like myself? Please discuss in the comments.