IPhone vs. iPod touch?

I'm already an ATT wireless customer. If I buy the new iPhone and just swap out my SIM card without adding a data plan, will I essentially be getting an iPod touch + phone + additional features for $100 less than the touch? I realize I'll lose the 3G without the dataplan, but I'm mostly looking to... show more I'm already an ATT wireless customer. If I buy the new iPhone and just swap out my SIM card without adding a data plan, will I essentially be getting an iPod touch + phone + additional features for $100 less than the touch? I realize I'll lose the 3G without the dataplan, but I'm mostly looking to replace my 5G iPod anyway. Flaws with this approach?
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