Sweet! I do have an iPod Touch second gen...
This is misleading though because that cable doesn't even exist yet. So basically you can only use it with the onboard microphone on your iPhone, or with a third party mic for the iPod.
If they ever actually do have a real cable for it, I doubt it will look like that anyway. They have it plugged in to the headphone port.
It will need to plug into the charging/accessories port in the middle which is a thin, long retangular port in the middle.
In fact, if that cable in the pic was what you actually needed you could just pick up an adapter just like that at Radio Shack.
Cool idea, but I'm still skeptical as to them actually making a cable for it.