"But, unlike the iPhone, the Touch has no hardware volume buttons, and it doesn’t have a play/pause/next-track clicker on the headphone cable." [df]
I am secretly happy that there's still some status in using the iPhone's included headphones to compensate for the less-than-stellar audio quality.
(and no, I haven't taken an x-acto to my other headphones yet because the "headphone clicker" is so convenient. Shure's solution to the problem is less than appealing since it involves carrying a miles-of-cable adaptor [#])