Should I Buy an iPod Touch Now or an iPhone 3G After Waiting a Few Months?

I was thinking about whether I should buy an iPhone3G or an iPod Touch v2, but I couldn't come up with a decision. Here are my arguments:
For iPod
1. I can buy one now. Since I live in Canada, iPhone3G will arrive on July 11. However, so many people will want it that I most likely will not get one until a few months. Since my parents only let me go to electronic stores by myself over holidays, I will have to wait until Christmas before I can buy one.
2. I use my phone about 10min a week. I don't text message either. (Most likely won't get a plan for iPhone until necessary or when the price drops)
3. It can be argued that I will use my phone more in 2 years when I'm off to university, but by then the iPhone will be old.
4. People say iPod Touch video graphics aren't that good, but watching videos on small screens tire out my eyes no matter how good the quality is.
For iPhone
1. More functions, such as GPS, phone when necessary, speaker, camera, etc
2. If I wait, the iPhone will be the same price as the iPod Touch as of right now.
3. I have a sim card phone and if Apple decides to go open network then I can replace my phone with this iPhone.
Please help me make a suggestion,
Thanks in advance.

Since I live in Canada, iPhone3G will arrive on July 11. However, so many people will want it that I most likely will not get one until a few months.
There will probably be loads available, I doubt you will have to wait at all (except in line).
(Most likely won't get a plan for iPhone until necessary or when the price drops)
If you get an iPhone, you WILL get a plan as it is required at time of purchase.
Minimum 2 year, $40 voice plan required. A data plan will cost an additional $30.
2. If I wait, the iPhone will be the same price as the iPod Touch as of right now.
As of the 3G iPhone, the actual price of the phone is less than a touch (but requires a 2 year plan).
3. I have a sim card phone and if Apple decides to go open network then I can replace my phone with this iPhone.
If they do offer the phone without a plan, it will undoubtedly cost $100-$200 more since ATT is subsidizing the price.

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