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Depends, the 1st generation iPod touch is stuck on 3.1.3 which means you lose out on the newer, much easier to use and less buggy APIs

So is the original iPhone which is equivalent. I don't think any dev cares about these anymore.

I'm an iOS developer and I have the original iPhone.

Most apps written for < iPhone 4s tends to work ok on my iPhone 2G (i.e. apps written for iPhone 3G or 3GS).

iOS version and device type are separate when you are releasing an iOS app.