From Endgadget:
Reading through this review, it should be clear that there isn't actually a whole lot to say about this device that hasn't already been said. The new touch isn't magical or revolutionary, or even unfamiliar. What it is, however, is a product without a peer; a media player that does far more than media playing. Besides the smaller screen real estate, the touch might be better compared to a tablet or netbook -- it has many of the same functions (more, in some cases). So you're not just dropping $229 (8GB), $299 (32GB), or $399 (64GB, also, ouch) on a music and video player -- you're buying into a mini-computer, a video camera, and a game system all with a massive ecosystem.
If you're already carrying around a smartphone with the above functions, maybe the iPod touch doesn't make sense, but for the legions of buyers out there who have yet to make the jump (or are stuck with an outdated handset), this device's appeal is hard to deny. Don't get us wrong, the touch isn't without faults -- the lack of GPS and a fairly low-quality still camera come to mind -- but there's nothing major here that gives us pause (and frankly, nothing else like it on the market). With the addition of HD video shooting, the new Retina Display, and a faster A4 processor, the touch has just gone from "nice to have" to nearly irresistible.
From TechRadar:
We liked: We still marvel at the sharpness of the Retina display and the speed at which you move around iOS, browse the web or do anything else.
As an HD video camera to carry round in your pocket for spontaneous point-and-shoot footage, you won't go wrong here. And Game Center is a great one-stop social gaming portal.
We disliked: We didn't find much here that we disliked, really. We're pleased to see cameras in the iPod touch, but for still shots, the rear-facing one doesn't come close to competing with any compact cameras from recent years. And even though this is an incredible package, it comes with a premium price tag.