I had an interesting conversation yesterday at lunch with some co-workers, one of which has an iPhone, on why I was not getting an iPod Touch:

1. Lack of key hardware features: Bluetooth, external volume control, speaker, physical iPod control buttons, & camera.
2. Currently missing some key applications: Mail, Notes, Maps, SMS, & Widgets
3. Minimal capability as PDA-like productivity tool (read-only calendar for instance)

The real deal breaker was that I could not use the iPod Touch as a mini-data collection tool.  If it had Bluetooth portable keyboard support so I could use it to rapidly collected data I read from print media, then I would have probably lived with the other negatives and purchased one.

I do think that the items #2 and #3 will be solved in the future by software upgrades.

That is my deal breaker.  What is yours?