Refreshed internals, lower price point possible.
A Brief First Look at Apple's New 16 GB iPod Touch
While the body design is nearly identical to the existing fifth-generation iPod touch, merely lacking the rear camera and support for Apple's Loop wrist strap, the video provides a good look at the unique color scheme for the new model, which carries a black front and silver back.
The new 16 GB iPod touch is priced at $229, compared to $299/$399 for the 32/64 GB models. With the introduction of the 16 GB model, Apple has discontinued the fourth-generation iPod touch, which it had continued to offer at $199 (16 GB) and $249 (32 GB) alongside the fifth-generation models since their launch late last year.
Update: iLounge has also posted some photos of the new iPod touch.