iPod Touch is the best device ever! even better when its jailbroken - I can now download/save videos from youtube into a videos folder without needing a computer or converting, I can stream live TV with VLC 4 iPhone and scrobble all the songs I listen too directly to my last.fm account
then of course you have the standard functions, Music, Video, Internet, YouTube, iPlayer. it really is like having a mini computer with you. When I go to college however, I tend to bring the USB cable along with me as the battery does drain a bit when you use the internet or frequently watch videos, especially through YouTube. I'm doing ICT courses so its pretty easy for me to just stick it in and let it charge. =)