i personally don't feel like the two are very related, so i suppose it depends on what your current needs are and what kind of laptop you are getting. the ipod, at its core, is an MP3 player. i know the touch is sometimes advertised as a little computer in your palm, but it really isn't, heh. i've always owned ipods to play music, and anything else the ipod had to offer was just icing on the cake. while i love my touch and its wifi capabilities, i don't use it like i use my laptop.
in addition to having to study and write papers with my laptop, i use it as a hard drive to store my photos, files, music, etc., which you can't exactly do with an ipod touch, even if you get the largest (32gig?). but if you don't really need a computer per se and are just thinking about which is better in terms of portability, i would go with the ipod. it really is super sleek and slim, and for the most part, browsing the internet is easy (as long as you are in an area with a lot of wifi hotspots), which was my main concern and the biggest selling point for me with the touch. safari on the touch is pretty much like a browser on a "real" computer, save for certain applications like java and flash (which you cannot view on the ipod touch), so beware.
good luck on your purchase, i'm sure you'll be happy with either. ;)