I just read a Christopher Breen article on PlaylistMag.com and he tells you how to simply get Mail and Maps onto a 1.1.1 jailbroken iPod Touch. It is even easier to copy the Weather, Notes and Stocks applications to your Touch. That's more like it!
I still would miss the volume control buttons, speaker and camera, but the apps along with Safari and 16 gigs might be pretty cool. A waaay better iPod than any other we've seen to date. On its own merits, without comparing it to an iPhone, the iPod Touch is a great device.
I said on September 11th that a crippled iPod Touch won't fly. Well, I was wrong. Especially if you jail break and soup it up.
I don't own an iPod Touch, but jkOnTheRun has a great little YouTube video review you might like if you are thinking it might be right for you.