Apple has just announced the next generation iPod touch live from the iPhone 5 event in San Francisco. Besides having a better A5 processor and camera system, it'll also come in 5 colors.

The new 4" iPod touch will be available not only in black and white but blue, yellow, and red variants as well. Not as many choices as the 7 colors the new iPod nano will be available in but it's a good start and a ways away from Apple's traditional black and white approach. The red variant will be a product (RED) endorsed version as well.

Any of you planning on picking up a color? If so, which one?