Pros: Easy to use, good SQ, Good design, basically does everything an iPhone can do
Cons: Typical Apple product, Overpriced.
Overall I'm satisfied with my iTouch, I've upgraded from a 2nd Gen 16 G to this new 32 G model and its been great, same typical iOS experience, with all the additions of iOS 5, cameras and an amazing display. I also love the new chrome rim-less design, the screen goes right to the edge.
SQ is actually pretty good for an iDevice, with sound check engaged and your favorite EQ it actually can reproduce digital audio well, to me it doesn't reproduce the bass as crisp as the old 2nd Gen, but overall still a solid performer.
Good battery life, lasts me up to 2 days on a full charge with hours of listening to music, some YT'ing, and gaming. quite an enjoyable device.