New fifth-gen 4" iPod touch with new colors, starting at $299

Apple revamped the iPod touch today, making it thinner and lighter than previous models. It also sports the same 4-inch Retina display as the iPhone 5 and the new Lightning dock connector. Just like the iPhone 5, the speakers have been moved to the bottom of the device.

Digging deeper inside, the new iPod touch has a dual-core processor and dual-core graphics to drive all those iOS games. Performance will be up to two times faster than the previous CPU and graphics will increase seven-fold. Battery life is also better, with 40 hours of music and eight hours of playback. Last but not least is a new dual-band wireless 802.11 a/b/g/n and Bluetooth 4.0.

Camera-wise the new iPod touch will includes a 5-megapixel sensor with backside illumination and many of the high-end features of the iPhone 5 like a sapphire crystal, five-element lens and Panorama mode. Software features include iPhoto, Siri and AirPlay mirroring.

To help you keep a grip on your iPod touch, Apple included the iPod touch loop, a strap that attaches to the back to the device. The iPod touch will debut in a five colors, each with its own matching loop. There's also a new set of re-designed ear buds that'll ship with the device.

It will hit retail shelves in October with a starting price of $299 for the 32 GB model and $399 for the 64 GB model. The old iPod touch will drop in price to $199 for the 16 GB version and $249 for the 32 GB version.