Apple has released two updates: iPhone now comes to an additional flavor of 16GB (up from 8GB) and the iPod Touch now offers a 32GB version (up from 16GB). For those unfamiliar, this iPod uses SSD (or Solid State Disk) which differs from its classic iPods running an actual Hardrive (with moving parts). The benefit of a SSD based drive is less power consumption.
16GB iPhone is $499
32GB iPod Touch is $499