So I am getting an ipod touch and im wondering if all the apps in the application store will be able to run on it? Or are most of them only compatible with the iPhone?
Most of the apps are compatible with iPod touch.
Some apps will have an alert when you're trying to use a limited missing feature, for example, with our App Cartoonizeme which is based on working with pictures, if you're using an iPhone you can choose a picture from your camera roll, or you can take a new picture. In your case, if you try to use the TAKE PICTURE feature it will let you know that it's only available for iPhone users.
We have iPhone and iPod touch and we LOVE both, but I found a little faster the iPod touch in order to use apps.
Hope this helps