IPod touch version 4.2.1 have a iOS 5 update?

Question

I am getting a little annoyed when I try to download new games/apps and it says that my ipod is not compatible. I have been fishing around the site for a little bit and it says that the iOS 5 update is compatible with 3rd and 4th generation ipod touches... I'm pretty tech savvy, but I don't really know how to tell if an ipod is a 3rd or 4th generation. I went into the information on my pod however, and it says the verison is 4.2.1.... so basically, is my compatible with the update? Everytime I plug it into my laptop it says that everything is up to day... so I am thinking no which irritates me because I've only had it a few years.
Anyway, if anyone can help me out that would be great.
Thanks.

Answer 1

Hold on!  That's not quite correct.  I have a Touch 32gb that's 2nd generation (thanks for pointing out the 2 model numbers, btw).  I suspect it's the largest capacity 2nd generation Touch, but Apple certainly made them.  My biggest regret is that you can't upgrade it to 4.3 REGARDLESS of the iTunes version you're using.  I have iTunes 10.7, and it gives the same message: your software is up to date.
It'll still accept lots of apps (and of course is a good player).  But the bummer is no-Cloud access.  With my 4th generation Touch 8g, I can download tunes from either my Apple or Amazon Cloud wherrever I happen to be.  With a Touch 2G (4.2.1), on the other hand, it's beginning to feel like an older NON-touch Touch--a Classic or a Nano.  I guess I was fortunate to go with the large capacity, since I'm always limited to whatever tunes are already in the Touch.  The Apple trade-in and buy-back places are offering no more than 50 bucks even for a Touch that's 32 GBs, so it's hard to justify selling it at that price.