Apple has started listing a new 16GB iPod touch model in its online store. When the 5th generation iPod touch went on sale last year, it was only available in 32GB and 64GB models; Apple continued to sell 16GB and 32GB variants of the 4th generation model.
That older iPod now appears to have been discontinued in favor of the new 16GB model, which features a 4-inch Retina display, dual-core A5 processor, and front-facing FaceTime HD camera in the same 0.24-inch-thick case as the 5th generation variant. There is no rear-facing camera at all, however, and Apple has also omitted the "loop" lanyard hook.
The new 16GB iPod touch is available to order now for $229 in either black or silver, and Apple says it will ship within 24 hours.