Apple’s on an unveiling spree right now, and the next thing on their list is a slightly tweaked version of the iPod Touch.

First things first, Apple dropped the price down to $199 for the most basic 8 GB model, down from $229. The price drops have hit across the board, with the 32 GB model going for $299 and the hefty 64 GB going for $399.

That’s it — no new processor, no radical redesign, but at least the iPod Touch now packs a Retina Display and a rear camera that shoots video in 720p. Fashionistas may also enjoy the fact that the iPod Touch now comes in a handsome white.

The software front is where most of the changes are occurring: the Touch will soon begin to ship with iOS5 and support for iCloud. All said, it’s a compelling little holiday package: lower price and more functionality means that the refreshed iPod Touch will no doubt find its way to the top of many Christmas lists.

Update: edited the post to reflect the addition of a Retina Display. Sorry folks, it got lost in the shuffle.