First, I expect that the iPod touch was announced only because Apple confirmed that they'd have the capacity to manufacture enough screens, ensuring that there was an adequate supply of iPhones first. I don't think Apple knew that even three months ago, let alone when the iPhone was announced. (Think about all of the Apple products plagued with shipping delays due to component shortages.)

Second, imagine that Nintendo had taken a similar tack with Wii pricing, starting it at say $800 and dropping its price as manufacturing capacity rose and the neophilia-induced demand dropped. There wouldn't have been any shortages, or any wait; someone could simply make the decision to buy when the price dropped to the number they were comfortable with.

In my opinion, pricing can and should be used as a mechanism to control demand. I'm not advocating for an airline-style pricing model, where the goal is to maximally screw the customer at all moments. However, we've already accepted graduated price drops; it makes sense to me to start the prices higher and drop them more quickly, as supply and demand dictate.