Uhhh...yeah. It's good for an ipod. Get 16gig or higher though for better hardware or somethin.
Oh, and they specify a tab in app store for free apps, so you don't necessarily have to buy. Be sure you have a wireless connection to internets though.
Yeah, get one if you like playing games on it, although I'm one of the few people who actually listens to music on mine more than playing games. If you like listening to music and playing the apps, get a 32, but if you only want apps/songs, get an 8GB
I highly recommend owning one if you don't already. Although there will be Apple haters, right now the 225,000+ apps (don't quote me on that) weight out any of negatives. I use my iTouch to play games, read and write emails, organize databases, take notes, do on-the-fly photo editing and so much more. The apps make it worth it.