The Deal of the Day today at Cowboom is a 32GB 4th generation iPod Touch for just $120, which is… kind of crazy. I kind of freaked out when I saw the price. (For reference: a couple of months ago I got a 16GB one, same generation, for my kiddo at $140 and thought I’d truly scored.) This could be a great option if you’ve been shopping for a Touch and don’t want to pay full price for the latest/greatest.

Some things to know before you buy:

This is not the current generation. This is one before the current one. Unless you’re planning to do a lot of photography/photo editing, I don’t know that that makes a difference. The changes in the current generation are pretty minimal, otherwise.

This is a refurb. You know how I feel about refurbished electronics—I love them! But this one is listed as having “significant scratches or scuffs.” Maybe not a big deal to you (slap a case on there and you’re probably good), but if it’s for a gift, maybe it is a big deal.

This is totally bare bones. You don’t get a power adapter, headphones, or a user’s manual. Again, this isn’t a huge deal—it’s not hard to get these things at a reasonable price, and if you’ve owned a few Apple products, you probably already have most or all of them—but if it’s for a gift, consider if that’s okay with you.

If you got through all of that and still want one, do hurry up, because I predict this deal will sell out. That’s a pretty nutty price.