Here Letemsvetemapplem.eu has posted a series of videos providing some direct comparisons between the iPhone 4 and 4th generation iPod Touch. The name for the first one is a speed boot test between the iPad, iPhone 4, iPod Touch and iPhone 3GS. It shows the iPad booted the fastest of the bunch but that’s not conclusion.
Again the interesting things about the video is the embedded (above) showing the differences in the display angles between the iPhone 4 and the 4th generation iPod Touch. Moreover, the new iPod Touch does contain a retina display but it is not the same high quality display found in the iPhone 4. The iPhone 4 uses an IPS display which offers better viewing angles.
In addition the site also provides a side-by-side comparison of the iPhone 4 and iPod touch taking video