Users who have been living with a smaller version of the iPod touch from the device’s “4th generation” may be pleased to know that a sleeker, comparably-sized update is on the way. While Apple launched most of its 4th generation iTouch models back in 2010, when last year’s 5th generation revamp came along, the company added a 16 gigabyte incarnation to the market of older models and kept the more state-of-the-art iPods exclusively at 32GB and 64GB sizes. But as of today, customers can purchase a new 16 gigabyte iPod Touch from the online Apple store, and those older models appear to have been discontinued.

The new 16GB model has received most of the 5th generation updates, include a 4-inch retina display, a dual-core A5 processor, and a front-facing HD camera. In addition, the device looks almost identical to the earlier 5th generation models, which in turn mimicked the appearance of the iPhone 5.

According to an article posted this morning on The Verge however, users of the new 16GB iPod will have to make do without a few of the standard-issue luxuries. There’s no rear-facing camera, for one, while the “loop” lanyard hook that Apple included on the 32GB and 64GB models appears to have been gauged as a superfluous investment and jettisoned. Finally, while most iPod touch models boast a range of color options, the new 16GB model only comes in a single classic black-and-silver design.

The exclusions–as well as the substantial drop in storage space–cut the cost of the iPod touch from $299 (for the 32GB) or $399 (for the 64GB) to a more affordable @$229.

The new iPod model is the first of what should be several inventory changes and product announcements to come out of the Apple camp within the next few weeks. Apple’s famous Worldwide Developer’s Conference–an event usually marked by the corporation’s biggest news developments–will be held from June 10 to 14, and everything from new Macbooks to other revamped iPods could be in play.

Apple’s decision to release a smaller version of the iPod Touch is a curious one, though. The new 16GB model means that the iPod Touch now comes in the same sized models as the current iPhone, and customers who use Apple’s mobile device will have little motivation to also purchase a standalone iPod.

Consumers, meanwhile, have continued to speculate and wish for an iPod Touch with higher storage capability. Apple still manufactures and offers the “Classic” iPod model in a 160GB version–for users with large music libraries and little care for the bells, whistles, and apps offered by the iTouch–but for buyers who want the best of both worlds, no ideal iPod model exists. Apple hasn’t offered a revamped or expanded iPod Classic since 2009 either, suggesting that the company will not cross 160GB storage boundary, but a larger iPod Touch seems like the vital and logical next step for the company.