Following the introduction of its iPhone5 handset, Apple has expanded its iPod Touch lineup, introducing new 4-incher. As reported, the new 4-inch iPod Touch grabs overhaul design along with dual-core A5 chip — found in iPhone4S — making it 7x faster [at graphics performance] than predecessor.

Boasting a battery life that offers 40 hours of music and 8 hours of video, the new iPod Touch also packs a 5MP i-Sight snapper with LED flash and auto-focus, along with 2.4 aperture, backside illumination, and a 5 element lens. Its shooter also boasts 1,080p video recording capability alongside Panorama feature. Meanwhile, its FaceTime front HD shooter handles video recording at 720p.

The new Apple iPod Touch also features an 8-pin dock connector, dubbed Lightning. Last but not least is a new dual-band wireless 802.11a/b/g/n and Bluetooth 4.0, and it supports 2.4GHz and the 5GHz bands.

Flaunting multiple colors versions, including red, white, black, blue, silver, pink, slate and yellow; you will be able to snag out this Retina display and built-in Siri equipped toy at $299 for the 32GB version and $399 for the 64GB version, when it’s launched in October. Much expensive? Well! At 6.1mm thin and weighs in at a svelte 88 grams, “It’s the best iPod touch ever made,” as Greg Joswiak, Apple’s vice president of iPod, is brave enough to call it.

Update: The old iPod touch has been dropped to $199 for the 16GB version and $249 for the 32GB model.