probably won't work with ipod touch or iphone cos I've read that windows doesn't detect it as a removable drive and you can't just load it with any files older ipods should work tho
there are apps to store stuff on it, but you'll never boot anything from it. also there is an app to make iphone/ipod touch into a NAS (network attached storage) but I'm not sure if you can boot from it (LINK)