Did any of you happen to have a preview of the book before you purchased it? This is a known issue and should be fixed with the next official update. I removed the preview (from all of my devices) and then did a factory reset of the Touch, which brought me the book. It had been in I'm Reading on the website at the time, thanks to bookmarking.
Some people have reported success getting purchased books to show up by going into the store on the Touch, searching/finding the book, and choosing it there. Even if it says "purchase" it should switch over and simply download.
I had a book like this that did not download onto the Touch, but did download on another device. I opened it there, and then on the next sync, it appeared on my Touch.
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