Does the iPod Touch calendar support every other day scheduling? Does the iPod Touch calendar support every other day scheduling?
You can set that up, but not on the device. There's no interface to more complex recursion rules in the iOS calendar app.

If you're synching with iCal on a mac, you add the event to iCal and go into the "custom" recurrence settings, and it's easy to have it repeat every two days.

Sync your device and bob's your uncle.