Life's tough, and we you need to perform a task that your iPhone's screen is too small for but your iPad's screen is too big for Apple has come to save the day by providing you a 3rd option! No not the iPod touch but the all new iPad mini. The iPad mini packs in all the features you love from the iPad in a smaller lighter design... except the Retina display... and it has a slower processor... and it still doesn't have the 8mp camera that the iPhone has... or a flash. But other than that it has everything!
On a more serious note; the iPad mini does have a place in this world and that is to compete with other 7 inch tablets. It's also cheaper than the new iPad, starting at $369 for the 16gb model.