This is just opinion, but I like to workout almost everyday. I am a fire fighter, and there was a guy in my station who asked the same question. Yes they are similarly, and yes they are different. Here is the bottom line. How often do you workout, and listen to music as you do it? Do you listen to music at home while cleaning, hanging out, just relaxing? This is what I told him, get the touch. When it comes to memory space, and music, you want more than you are going to need. You never know how long you are going to be listening to music, and where. The touch gives the chance to have so much music, create many place list for your moods. And to me that was very important. I will listen to different music while lifting weights, compared to running, and cycling. I know this is long, but here is my point. He bought the nano, and realized that he started hearing the same songs over, and over, because of the memory space. Yes there are all kinds of added features on the touch, and maybe you will start to us them later. But it is better to have and not need, than it is to no have, and want. :). He later bought the touch, and apologized for not getting it in the first place. So he ended up spending more money later. GET THE TOUCH!
P.S. There are many different caring cases for the touch. it really is not heavy, or bulky.