Make sense to buy Touch rather than 3G?

I have the original iPhone, and love it (Let's not talk about the issues associated with the 2.0 update!) When there was talk of the 3G iPhone, I was going to get that, and give my husband my iPhone. Now that the time has arrived, I have put much more thought into the "total" cost of the 3G, and it just seems very expensive to pay an extra $30 each month for the 3G.
So since my husband really doesn't care, and only uses his phone to call me to pick him up at the train station, I was considering buying a refurbished iPod touch ($199) for him. Not being totally familiar with the touch, I want to make sure I am comparing them properly.
Of course, the touch has no phone, and I understand no camera either. I also believe that it has wi-fi, but needs a hot spot to connect. Does that mean he would need a hot spot to check his stocks? Weather? He would have an iPod with this, and could play non-internet games during his train commute. He could also have a calendar, and I believe we could sync the same calendar.
He could send emails, but not texts since texts are sent via the phone, correct?
Looking at the Apple store, it states that the iPod touch comes with the latest software, so other than my $199 purchase, I would not have to buy anything else unless I purchase APPS. Could he use APPS that I have purchased for my iPhone?
Thanks

There is an App at the App Store that allows the iPod Touch to get on Aim when near a hotspot so texting could be an option even on the Touch. As far as using the same Apps go, I have never tried it so I would rather not give you false information.

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