The 2012 release of the iPod touch (4th Gen) is identical to the 2011 version, but it was offered in different capacities, at a lower price per gigabyte, and with more restricted operating system support for "tethering."
Like its "4th Gen" predecessors, the iPod touch (4th Gen, 2012) looks like a "phone-less" iteration of the iPhone 4. It lacks 3G/EDGE mobile networking, A-GPS (though it supports Wi-Fi-based location mapping), and a digital compass. It also has a lower-quality, roughly 0.70-megapixel rear camera without a flash.
Otherwise, the iPod touch (4th Gen, 2012) is very similar to the iPhone 4. It includes a 3.5" 960x640 (326 ppi) "Retina display" (though a lower-quality non-IPS version), FaceTime video calling via Apple ID or email, an integrated microphone, a front-facing VGA camera, iMovie editing support, a 3-axis gyroscope, and 720p video recording (with the lower-quality camera).
Powered by an Apple A4 processor like the iPhone 4, it has only 256 MB of RAM (compared to 512 MB) and was available with 16 GB or 32 GB of storage. Apple's estimated battery life is 40 hours for music and 7 hours for video.