So Apple has a New Ipod Nano and Returns to it's 2nd Generation Ipod Nano

Yes, I know I'm behind the times. The Ipod Nano and Shuffle are old news. But I just had to compare them.
So this is the picture of the Ipod Nano:

And this is the picture of the Ipod Shuffle:

They don't look very different, do they?
But there is definitely a difference between the two different Ipods. Let's cover the New Ipod Nano:

Size and weight

Height:

1.48 inches (37.5 mm)

Width:

1.61 inches (40.9 mm)

Depth:

0.35 inch (8.78 mm) including clip

Weight:

0.74 ounce (21.1 grams)¹

Volume:

0.614 cu inch (10,056 cu mm) including clip

8GB or 16GB flash drive

• 1.54-inch (diagonal) color TFT display
• 240-by-240-pixel resolution
• 220 pixels per inch

• Built-in rechargeable lithium-ion battery
• Up to 24 hours of music playback when fully charged
• Charging via USB to computer system or power adapter (sold separately)
  • Fast-charge time: about 1.5 hours (charges up to 80% of battery capacity)
  • Full-charge time: about 3 hours

Whereas the new Shuffle is:

Height:

1.14 inches (29.0 mm)

Width:

1.24 inch (31.6 mm)

Depth:

0.34 inch (8.7 mm) including clip

True volume:

0.35 cu. inch (5668 cu. mm) including clip

Weight:

0.44 ounce (12.5 grams)¹

• 2GB flash drive²
• Stores data via USB flash drive

• Up to 15 hours of audio playback
• 80% charged in 2 hours; fully charged in about 3 hours
• Built-in rechargeable lithium-ion battery
• Charging via USB to computer system or power adapter (sold separately)

So nothing has changed in terms of the differences in quality between the two Mp3 players. The Nano has changed it's role, adding on a clip on it's back to make it more of a workout companion, but still maintains it's role as an elite Mp3 player; on par with the Ipod Touch and Classic.

The Ipod Shuffle is still the Poor Man's workout companion. It doesn't have a screen, costs less, has a eighth of the possible storage that the Nano has, and even has a shorter battery life. It even reverted back to its second generation form (with slight differences). 

You can check out the specs yourself here.