Both got their own features, however, some important differences between the iPhone and iPod Touch:
There is no email client on the iPod Touch
There is no Maps application on the iPod Touch
There are no Stocks or Weather widgets on the iPod Touch
There is no built-in camera for the iPod Touch
There are no Blutooth capabilities for the iPod Touch
The iPod Touch has a differently styled "Dock," with a reflective surface -- akin to the Dock that will debut with Mac OS X 10.5 (Leopard)
While the iPod Touch is sleeping, the user can tap the home button twice to bring up touch controls on the screen -- a feature the iPhone currently lacks
The iPod Touch has a separate Contacts app -- it's built into the Phone application on the iPhone
The iPod Touch has separate Video and Music apps, whereas the iPhone has a single "iPod" app that contains these functions
There is apparently (and obviously) no microphone on the iPod Touch, though it will be interesting to see if such audio-in capabilities could be enabled via a third-party device.
The iPod touch's headphone jack is on the bottom of the device
The iPod touch lacks a built-in external speaker
The iPod touch's screen appears to be of a slightly higher quality than the iPhone, with 163 pixels per inch to the iPhone's 160 pixels per inch.

Somebody help me out..???
Wilbur..!!
There is no email client on the iPod Touch
There is no Maps application on the iPod Touch
There are no Stocks or Weather widgets on the iPod Touch
There is no built-in camera for the iPod Touch
There are no Blutooth capabilities for the iPod Touch
The iPod Touch has a differently styled "Dock," with a reflective surface -- akin to the Dock that will debut with Mac OS X 10.5 (Leopard)
While the iPod Touch is sleeping, the user can tap the home button twice to bring up touch controls on the screen -- a feature the iPhone currently lacks
The iPod Touch has a separate Contacts app -- it's built into the Phone application on the iPhone
The iPod Touch has separate Video and Music apps, whereas the iPhone has a single "iPod" app that contains these functions
There is apparently (and obviously) no microphone on the iPod Touch, though it will be interesting to see if such audio-in capabilities could be enabled via a third-party device.
The iPod touch's headphone jack is on the bottom of the device
The iPod touch lacks a built-in external speaker
The iPod touch's screen appears to be of a slightly higher quality than the iPhone, with 163 pixels per inch to the iPhone's 160 pixels per inch.
Somebody help me out..???
Wilbur..!!