Yesterday, I went into what the next iPod Touch will look like. Now, let’s have fun with what I think the next iPod Touch will have in terms of features might migrate from the iPhone 4. I’m going to try to be realistic about what features we’ll see and not a whole wish list of what I like to see.

FaceTime. So, let’s start with FaceTime. On the surface itself, I would say forget about it. But as many have pointed out, including Dave the Mobile Warrior, Steve Jobs declared that there will be millions of FaceTime devices for people to chat with by the end of the year or something like that. I specifically remembered him saying something along that line.

Camera or cameras? Also see the next section on iMovie for the iPod Touch. By now, it’s likely we’ll see two cameras. One for taking pictures and another for FaceTime if Steve Jobs’ words are correctly interpreted. And while I like to think that Apple will be forced to subjugate iPod Touch users with lesser cameras, I don’t think that will be the case. We’ll be pleasantly surprised with the same 5MP camera that now sits in the iPhone 4.

Why is that? There is a lot riding on a successful, and I’m talking mega-blockbuster, launch to combat its competitors. Hey, It’s lonely at the top and what better way to earn friends than to make tons of iPod users happy with HD video capability. Millions of upgraders will be joined by folks who are looking for handheld video cameras with HD capability this Holiday season. Until the iPhone 4 was released last week, the Flip cams virtually had the whole market to itself.

In the past, Apple would have likely provided the iPod Touch a lower end feature such as the same 3MP camera used in the iPhone 3GS so that if anyone wanted HD video capability with an iOS device, they would be forced to buy the iPhone 4.

iMovie. This is tied into what kind of camera we’re likely to see. For the moment, I’d have to say yes because the ability to show HD as well as

Screen. Yes, what’s the point of being able to shoot video in HD and edit the video if you can’t appreciate your work? Plus, Apple likes to keep things simple and having Retina Display on the iPod Touches as well as the iPhones will make it easier for the developers as well.

Battery. Like the iPhone 4, there is going to be a serious jump in battery life and allow users to do more without worry about power rationing. I don’t have more to say about this other than that any additional power will be greatly appreciated.

Everything sounds great up to this point. Basically, you’re think we’re going to see an iPod Touch san the telephony function using almost the same iOS. Here’s where I have to add an asterisk.

There will be two models of the iPod Touch. A high end model will have all of the above features that I mentioned. And it’ll cost you. The new A4 chip that acts as the heart of the iPhone 4 and iPad will power this high end Touch. This is going to be similar to the iPhone 4 without the 3G connectivity and telephony functions.

A lower end iPod Touch with last year’s tech will also be available only it won’t have a 5MP camera capable of shooting HD video or works with the iMovie app. It still might have a frontal camera for FaceTime. This lower end model will allow Apple to differentiate its ipod Touch lines. And the more expensive iPod Touch will avoid iPhone 4 cannibalization. We’re basically looking at last year’s iPod Touch with cameras.

Is that it?

What I didn’t talk about yesterday: A bigger iPod Touch with a 5-7 inch screen. This is venturing dangerously into the wish list territory. So, I’ll going to end here and start a new post on that possibility tomorrow.

So what do you of the features I’ve laid out for the next iPod Touch? Still too much of a wish-list feel to it?