updated 10:20 am EDT, Fri June 24, 2011
iPod touch 2011 likely to keep same shape, go A5
(Update: earlier references discovered) An instance of digging in the iOS 5 code base has confirmed the existence of a new iPod touch this year but that it won't be the overhaul that was the fourth-generation model. A mention in a FairPlay plist file found on iFans' forum shows an unreleased "iPod 4,2" that would be a sister to last year's iPod 4,1. Apple usually reserves these for products that are internally different but cosmetically identical.
Most expect based on iPhone plans that the iPod touch will make the leap to the dual-core A5 already used in the iPad 2. Many also expect the storage to roughly double across the line. Possibilities exist for a camera upgrade or support for 5GHz 802.11n Wi-Fi.
Apple is presumed to be launching the new iPod at its usual September media event, this year shipping alongside an iPhone and a new major iOS release for the first time.
Update: A check through TUAW has verified that iPod 4,2 was in iOS 4.3 but hadn't been detected until now. Whether it's an unused alternative model or a real, upcoming model isn't clear, though its continuance to a major iOS revision hints it may be a shipping product.