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The next iPhone which is currently codenamed N96 is also reported to sport 1GB of RAM similar to the new iPad. The Apple iPhone 4S was internally codename N95 which indicates that N96 would very likely refer to the next generation iPhone.
Another device which is reported to be refreshed this year is the iPod Touch. The 5,1 codename you see in the following image shows that we can expect a new version revamped version of Appleās portable media.
With the new iPod Touch we can expect a faster (probably dual core) processor with more RAM. It is likely we will see upgraded cameras, while Apple would probably retain the design.
I am also curious if Apple may release a smaller iPad as an iPod Touch. Rumors of a 7 inch iPad with a 1024x768 resolution have also been circulating, giving Apple an opportunity to hide the device behind an iPod branding.
So anyone out there thinking about a new iPod Touch should probably wait for the new iPod Touch to be released.