iPod Touch 8 GB or iPhone 8 GB

I have an iPod touch first generation 8gb and I am thinking of getting a refurbished iPhone 8gb or 6gb. Is the 8gb on the iPhone exactly like the iPod touch in terms of holding the same amount of songs, vids, etc?

Yes, formatted size is the same. I think the storage on the iPhone might be slightly less because of the system partition but I think the Touch has the same partition (for the OS) so you're probably looking at 7.4GB available for use.

would the 16gb make iphone apps run smoother or is there no big difference?

i think with the 16gb u just get more space, so i dont think so.