I pay about as much per month to insure my car as I do for smartphone service and personally feel that I get more value out of my smartphone than I do out of my car. In fact I frequently find myself weighing the pros and cons of eliminating my car in order to save on recurring costs - this never enters my mind for the smartphone.
Agreed. While I have no plans on getting rid of my car, my phone is easily a more valuable and useful tool. Of course, I work from home as an iPhone dev, so you can take that with a grain of salt :-)