Although the iPod touch has yet to be released later this month, PC Magazine has posted an early review, giving the multi-touch widescreen media player / WiFi device its highest five-star rating. An excerpt from the iPod touch review reads:

The iPhone and the iPod touch seem to be several leaps ahead of the excellent iPod nano or, for that matter, any other player on the market. At $300 and $400 for 8 and 16 GB, respectively, these are not cheap devices, especially considering the storage limitations. Still, factor in the slick interface, elegant Web browser, the beautiful glass display, the seamless integration of the WiFi music store, and the iPod touch is worth the price. No portable media player has ever done this much so easily, or looked so good doing it."
The touch is described as an iPhone stripped off its phone functionality and the two-year contract with AT&T. The article praises the wireless iTunes Store, which lets users buy music on-the-go and have it instantly playable on their device.

It is not all roses for the iPod touch, though. The reviewer isn't particularly fond of the Starbucks feature and the fact that users cannot buy video through the wireless iTunes Store. One last complaint is that the included the earbuds "still suck" - I can't say I'm surprised with this one. You can read the full review here.