Should I buy iPod touch 5 or iPhone 5?

Okay, so I had an iPod touch 3 a couple of years ago, until the battery died and I decided to invest in an iPhone 4. Unfortunately, the screen was damaged on that, so I had to buy a new phone. I really wanted the iPhone 4S, until I realized that the Verizon version was not 4G. Now I have a droid razr maxx-and miss my iPhone!!! I really want the iPhone 5, but am not sure that $650 is worth it? Is it? Or should I use my mobile hotspot feature on my droid and make an iPod touch 5 like an iPhone??? Please help!!! By the way, my contract is up next August 2013.

I'm a Verizon customer, and using your Droid as a hotspot for an iPod is just plain stupid.  The deal is, you get hammered if you go over your data limit.  We have the "Share Everything" plan which gives us unlimited text and talk, but we are limited to 6 giga bytes of data use.  If we go over that limit, Verizon will throttle the connection speed and charge for every thing over that 6 gigs.  NOT a good idea.
Do yourself a favor:  Wait until your phone is due for an upgrade.  You won't have to pay full price for your phone.
Or, if your phone decides to take a gravity assisted trip to the pavement......

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