As much as possible, I prefer to have "one device to rule them all"--and the only reason I have both a mobile phone and an iPod Touch (as opposed to an iPhone) is because the iPhone is too expensive here (at least $1,000 unlocked).
That said, sometimes it's not possible to have one device for everything. I own an iPad as well and there are some things it can do better than an iPod Touch can't. (And I don't think a 7" phone is portable...)
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