Is the iPod Touch basically an iPhone without the phone?

Cameraguy asked:

I want to get an iPod touch since I want to have a mobile web broswer and store my music on the same device. I currently have a great cell phone plan, and do not want to change it. It seems like the iPod Touch has everything the iPhone does with the exception of the phone and camera.

For iPod touch owners out there: do you like it? Any advice on buying one?

Best Touch Screen Phones