Today, Apple announced a major software upgrade for the iPod touch, adding five more mobile applications—Mail, Maps, Stocks, Weather and Notes. The iPod touch software upgrade also includes new features such as Web Clips, a customizable home screen and, beginning today, the ability to watch iTunes Movie Rentals. New iPod touch products shipping from the factory will include the software upgrade, but existing iPod touch customers will have to purchase and download the software upgrade for $19.99 from iTunes.

Mail on iPod touch is a rich HTML email client that fetches email in the background from most POP3 or IMAP mail services and displays photos and graphics along with the text of the email. Users can configure Mail for Google’s Gmail, Yahoo! Mail, .Mac Mail or most POP or IMAP based mail services.

Maps on iPod touch features the ability to automatically find your current location using nearby Wi-Fi base stations and use it as a starting or ending point for directions or to find local points of interest. Users can get real-time traffic conditions, and view maps in map or satellite view, or a hybrid view, which combines map and satellite views so you can see major street names overlaid on satellite imagery.

Stocks and Weather allow users to access live stock and weather reports at their fingertips, and Notes lets you jot down information on-the-go using the intelligent keyboard.

Also, the iPod touch home screen can now be customized, allowing users to reorder and add new icons, with support for up to nine different home screens, which they can easily flick between.

The software upgrade for iPod touch—available immediately—brings the device even closer to its more expensive counterpart (the iPhone), which is good news for university administrators looking for affordable ways to get as many features as possible into the hands of faculty members and students.

For more info., checkout Apple’s official announcement of the upgrade.