Ipod Touch 5th generation or iphone 5?

My bday is coming up and i was wondering what are the main and exact differences btwn the ipod 5th gen and the iphone 5? I can't bring a phone to school and my dad's not really on board with me getting a phone anyways. Just wanna know the main differences and the positive things about the ipod touch 5th generation because i think i'm gonna end up with that anyways.

The iPhone 5 has a faster processor, and you can access the web anywhere, and make calls
the iPod touch 5th gen only has Wi-Fi access to the web, a slightly slower processor, and no phone functions without apps (and outside Wi-Fi range)

The only thing different about an iPhone 5 and an iPod Touch 5th generation is that the iPhone can call and text to all phones. Also, the iPod 5th is lighter, skinnier, and is in different colors.

On the iPhone 5 you can call and text from pretty much anywhere and you can accept the Internet anywhere also. The iPod touch 5 is limited to Wi-Fi but also has its strong points. The iPod touch comes in 6 colors and has an iPod touch loop which matches the iPods color. The iPhone 5 has the A6 processor and the iPod touch 5 has the A5 processor. There's a very small difference between the two performance wise. Overall the iPhone is cool but I think I would go with the iPod touch 5th gen instead.