A few days ago came the rumor from Wired, that the upcoming iPod Touch will have a microphone and camera, making it one step closer to becoming an iPhone. One of the things the article mentioned was the ability to use Verizon’s Mi-Fi service and turn the iPod Touch into a mobile device through the use of Skype or the new Google Voice service.

I thought about maybe doing this as I looked at my AT&T bill and saw how much was being drained every month and wanted to give Mi-Fi a shot. But before doing so, I had to do some research on the costs and if it’ll even be worth the hassle.

Cost of my current AT&T Plan and iPhone:

Monthly iPhone bill after FAN discounts: About $90 with data, text messaging plan and taxes.

Cost of the iPhone 3G: $299 for the 16GB

Cost of the Mi-Fi device, data plan and an iPod Touch.

iPod Touch 16GB: $299

Mi-Fi: $99 from Verizon after online discount. That’s with a 2 two-year data contract. One-year contract from Verizon costs $169.99. The price jumps to $270, if you decide to go with a month-to-month plan.

Data price: $60 a month without text messages or phone service.

Assuming I get a two-year deal like the iPhone plan, I’ll pay a total of $459 for the first month, before any taxes. That includes the cost of the iPod Touch, Mi-Fi device and data plan.

My first month’s cost of the iPhone 3G plan equaled a little over $400 after activation and other charges, including the cost of the phone.

Every month after, it’s $90 or more for the iPhone plan, while the Mi-Fi plan is $60 before taxes.

Now that you have all the numbers set, the iPod Touch with Mi-Fi service still lacks text messaging and calling. You’ll need to make phone calls and text right?

I have the Google Voice service and have been using the VoiceCentral App to send texts and make calls. With the Mi-Fi providing internet service, I can use the Google Voice service for free.

- After a two-year iPhone contract, I would have paid over $2,460 with the cost of the iPhone.

- After a two-year Mi-Fi contract, I would have paid $1,840 after the cost of the iPod Touch and the Mi-Fi device.

- iPhone 3G Battery Life: Lasts over a day with mild game play, phone calls and texting.
- Mi-Fi Battery Life: About 4 hours of active use.

The savings on the device are pretty solid, over $600, and the Mi-Fi does have the added benefits of providing wireless internet for more than one device and with Verizon’s coverage, you can have access in many places you normally won’t with AT&T and Sprint.

After doing some of this research, I was still intrigued with the Mi-Fi device and actually wouldn’t mind going through the hassle to test out the service. Now, if the savings were higher, I probably would have made the switch for at least a year.

I don’t know how many people are willing to go through the hassle of carrying two gadgets and using a 3rd party software to make calls and send text messages, while dealing with battery issues, to save $600 bucks. Would you?