I think this will make the iTouch a very attractive device, more so than it already is. I got the iMovie app on my iphone 4, and it was amazing to be able to take some pictures and videos from an outing with some friends and organize it into a nice video that also had some music playing in the background. There are programs that do this on the computer, but I was able to make a video in 5 minutes on the way home. That's pretty impressive to me. If the iTouch gets those cameras, then a point and shoot camera may be replaced as the every day memory capturer. I just wish Apple put a physical shutter button... Oh, and yes the reception issue is annoying, but that is the only problem I've had so far.