The iPod Touch comes in a wider range of capacities as well, it only lacks calling, text messaging, mobile data and GPS but the iPod Touch still has the wifi and in the current generation camera. Some assistive apps use the camera so don't ignore it as completely useless just yet.
An advantage of having an iPod Touch and keeping your old phone would be that you get two separate batteries, a Nokia will last longer per charge than an iPhone would.
That said DO NOT buy an iPhone right now, if you're thinking of buying an iPhone wait a month or two for the iPhone 5 to come out or you'll be kicking yourself.
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To live by honour and to honour life, these are our greatest strengths and our best hopes.