To get ipod touch or wait for low cost iphone?

I've been a Windows Phone user for over a year and I'm mostly satisfied with it. However, I've been meaning to play around with iOS for quite some time. I've used iOS in the past but not extensively. I'm not looking to switch to iOS, instead just want to explore the apple ecosystem. For that reason I'm not looking to spend more than $300-350 on an unlocked device. The obvious choice that came to my mind for this purpose was the latest ipod. But it has its obvious limitations, principally lack of 3G, which will likely be overcome by the cheaper iphone, if it ever materializes.

What do you guys recommend? Should I get the ipod touch or wait a while for the cheaper iphone?