[Aaron]

Both are 500$.

http://www.engadget.com/2008/02/05/o...one-available/

Out of the rumor mill comes the 16GB iPhone, now official. Ever since the 16GB iPod touch was announced in September, we all knew it was just a matter of time until Apple could bung the same NAND capacity into their chubbier iPhone. The surprise is a new 32GB iPod touch for the same $499. No other changes and certainly not 3G. Both are available immediately.

Update: We just spoke with Apple, who told us that by available immediately, that means both US and international customers. They should start making their way to stores over the next couple of days, too, so call ahead to check stock if you're buying offline. Also, Cupertino had no comment on whether there were any other under-the-hood hardware changes in these new models.