Which is better the iPad or the iPod Touch and why?

I believe the iPod Touch is better, because it is portable, way cheaper, and has the same features as an iPad. In my definition an iPad is just an exploded version of the iPod Touch. It is really a waste of money, if you want a cheap iPad buy a iPod and get a good magnifying glass. Then Presto! It looks like an iPad for the for the price of an iPod and a magnifying glass.