IPOD transfers on my 60GB Photo took the charge down to zero with about 2.5GB of photo transfers.
IPOD cannot view raw, just standard formats (jpeg, tiff, etc). RAW is not STANDARD as of yet (every camera maker has their own) so don't expect the IPOD to be able to do it until there is a standard (like Adobe has attempted to create with DNG).
Even with the IPODs limitations, it has come in handy plenty of times for me, particularly on camping/hiking trips. After getting back to the truck, I can download the day's captures and look forward to the next day. As long as you have a charge source nearby, the IPOD battery drain is only an inconvenience.
If you are looking for an HD transfer device, I would not choose the IPOD.
If you are wanting to see if your IPOD, an already purchased product, CAN do the job, the answer is yes.
Because I own multiple IPODS (wife and me), I have delayed my purchase of an HD transfer product (like EPSON's P2000). Between my laptop and IPOD, I can't see the rationale behind the P2000.