I think that little speaker is just for clicking sounds like other iPods have and the alarm clock.

Speaking of speakers. On the N800 they're pretty good for audio, video, IM and VOIP. I don't really use headphones with the N800 nor do I need speakers really.

(for my iPods I have two dock-able external speaker sets, power bricks etc)

PS: Macworld Expo is coming up. Doesn't hurt to wait till mid january. You never know SJ might announce some updates or tell us all the iPod Touch will be updated with xyz software capabilities.