Uh, well.. not necessarily. I'm planning to jailbreak it, but apparently the only jailbreaks out at the moment for 4th gen iTouch are tethered, which means that the jailbreak deactivates every time the thing turns off or the battery dies. Thus, I'd have to redo it. Repeatedly.
Oh, I see how it is. Well, if I can't make you happy, then you can just take your pink PS3 and go!