I have had 2nd, 3rd, and now 4th gen touch's. Like em all, but this new one is definitely faster. We raced em loading apps and games. 4th gen kicked the 3rd gen's tail in everything. Screen is defintely brighter, clearer and more defined to my eyes. Sound is just more detailed IMO. Still wishing for a better EQ, but I use the Westone UM3x and had the UM2 before, and they both sound best to me w/o any EQ. My other cheaper earphones is where I wish I had a better EQ on the iPod.
Other than that EQ thing, there is not much to dislike about the 3GTouch. That is unless you are an Apple hater or dislike iTunes limitations, or the iPod's video/audio playing limitations. These are deal breakers for some, but I just use audio/video conversion software or my other PMP if I want to play some type of file the iPod can't play. Usually I just convert it.
I totally disagree with the person that says the still camera is useless. Tell that to my family members in other states who get regular Facebook updates now with quick low res pics included. Couldn't do that with my 3rd Gen. The camera is low quality, but good enough for social media and quick shots of what's happening if you have nothing else.
I agree that the video camera is pretty nice but creates quite large files that look great but are hard to upload to Facebook/Youtube. Maybe I am missing it, but I do not see a way to take lower quality video to save space. The recording sound is OK too for such a little mic, but nothing special. If you want great sound from recording get a Blue mic or one from some other company.
One last thing...the audio coming out of the speaker seems to be louder and more defined than my 3rd gen was. It's still too quiet and my cell phone is way better, but a little improvement is worth noting, and heck at least we get a speaker!
Lovin the new Touch for what it is meant for and great at. Hoping to also get a Droid 8'' or 10' Tablet after Christmas just to have something bigger and different (after Android 3.0 comes out) for web browsing sitting on the couch. Can't wait to goof around with one of those along with the Touch 4G.