redletterdave writes "While the new 16 GB iPod Touch released Thursday features the same 4-inch Retina display and dual-core A5 processor as its other variants, the newest, cheapest iPod Touch lacks a rear camera and comes in just two colors black and silver. Apple is reportedly pursuing a similar strategy with the iPhone, as reports from the past several months have pointed to development of a 'low-cost iPhone' with basic features to be sold at a lower price point."
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