iPod Touch 5g or iPhone 5

Hi there, I am a 15 year old guy ( a iPod touch 4g user) and having a really hard decision between the new iPod Touch 5g or iPhone 5. My main thing its to have the best camera because I do iPhoneography a lot and I know iPhone wins but I don't really make calls so I don't want to spend $760++ on an unlock iPhone when I can buy the new iPod touch with full of great stuff but an 5MP camera for only $300. This makes me very hard to decide, 5MP for $300 or 8MP with A6 for $760++ . Is the iPod touch camera good enough?

Can you guys tell me when the iPod touch 5g will be available in stores and tell me which one to buy

You can check my instagram too @ykyboom

Thank you so much.