Assuming lossless or uncompressed files and a good set of headphones, you'll get very good, but not great, sound out of the iPod. I do agree with Sfar that the iPod's DAC and amp are the limiting factors in its sound. I know I must be in a small minority considering how many people use the things, but I find the iPod's sound very fatiguing, even at low volume. I've used Etymotic ER4Ps, Grado SR 60s, Sennheiser 280 Pros, and AKG 501s with mine, plus the stock earbuds, and it's the same. I've spent a year wishing I enjoyed it more, but right now I'm planning on selling my 30G.
I should note that some iPod modders exist out there and that a good headphone amp can help, so you might pursue those routes. If you can, borrow one and see how you like it--it is convenient, and that can be a big selling point, especially if you travel. Re the iPhone: it doesn't have much disc space, so you won't fit many lossless songs--if you want good sound quality, go for the storage space of the iPod Classic.
I should note that some iPod modders exist out there and that a good headphone amp can help, so you might pursue those routes. If you can, borrow one and see how you like it--it is convenient, and that can be a big selling point, especially if you travel. Re the iPhone: it doesn't have much disc space, so you won't fit many lossless songs--if you want good sound quality, go for the storage space of the iPod Classic.