Do the folios created for the iPhone also work on the iPod touch?
Yes, the 4th generation model is supported.
Is there or will there be a content viewer to preview folios build for the iPhone?
Yes, it's available now. Open the App Store on your iPhone (or iPod Touch 4th generation) and search for "Adobe Content Viewer."
Odd, It's not showing yet. I'm sure it's just a lag in the App Store. Thanks.