Today, Apple has introduced a cheaper iPod touch 5 with a 16GB storage capacity for only $229. The new model is available now, and still has the same 4-inch Retina Display, ultra-slim aluminum build, a dual-core A5 chip and all the usuals as the more expensive 32GB and 64GB models; even a set of EarPods. The catch? It lacks a rear-facing camera (you've got an iPhone for that no?), the loop strap and it only comes in one color, silver. Still, great news for minimalists all around. In a move towards offering more affordable products that will enable more people to enjoy the fruits of Apple, it is rumored that the company will eventually release a more affordable iPhone model as well. This is a great start so far.