iPad or iPod Touch

Alright so at the current moment I am debating whether or not I should buy the iPad or buy a new iPod touch to replace my first generation iPod touch. Essentially I just need something to run iOS4, which will not run on my current first gen. iPod.

Here is a list of some simple pros and cons of each device:

iPad

Pros:

1. Larger Screen.
2. Runs both iPhone and iPad formatted apps.
3. Full keyboard.
4. More potential for apps.
5. iBooks.
6. Huge Battery Life.
7. Can replace laptop on trips.
8. Can attach Camera and other devices through pin-port.
9. Bluetooth Keyboard.
10. It looks really freaking cool.

Cons:

1. Large Screen = Larger Device = Less Portable == Not fitting in normal pockets
2. More money.

New iPod Touch

Pros:

1. Size. You really can’t beat the pocket sized iPod Touch for mobility.
2. Cheaper.
3. Will do what my current device does, just faster and with multitasking!

Cons:

1. Small keyboard compared to the iPad.
2. Limits me to only iPod apps.
3. Still is missing a decent word processor.
4. Cannot replace my laptop.

What do you guys think?