When it comes to iOS 8 compatibility, Apple requires an iPhone 4S or newer and iPad 2 or newer to update to the latest software. Only the iPhone 4 is cut from the list.
Both the iPads mini and iPad mini 2 tablets and the forever alone iPod touch 5th generation are also going to work with the new iOS, just like they did with iOS 7. No one besides 2010's iPhone 4 gets left behind.
It's important to note that all of these iDevices use Bluetooth 4.0, a low-energy version of the antenna that many wearables require for constant syncing.
iOS 8 gets rid of the only iOS 7-compatible device without Bluetooth Low Energy and keeps ones that's work with Fitbit Flex, Jawbone Up24 and Nike FuelBand SE. Seems fair.