Apple has just released a new, lower-end 16GB iPod touch. This iPod features an Apple A5 CPU, a 4-inch Retina display, and a design similar to that of the standard fifth-generation iPod touch. However, this new device has done away with the rear-facing iSight camera found in the fifth-generation iPod, though the front-facing FaceTime camera still remains. Another feature missing on this iPod is the Loop, the¬†lanyard¬†included with the fifth-generation model. It’s also worth noting that the new 16GB iPod touch has completely replaced the fourth-generation iPod touch that Apple previously offered.

If you’d like to purchase one of these new budget conscious media players for yourself, expect to drop $229 for the device via the Apple Online Store. This iPod is $70 cheaper than the 32GB fifth-generation iPod touch, but it’s $29 more expensive than the 16GB fourth-generation iPod touch. Apple is shipping these iPods “within 24 hours” and we should see them hit physical Apple retail stores tomorrow, May 31st, 2013. This new iPod touch is available in one color: Black & Silver.