It most depends on your style. It is true in that the battery is guzzled like gas in a Hummer, but like you said, it has many functions and can hold music, effectively making your current iPod (if any) and your phone absolite. My dad has an iPhone and I can tell you its easy to use. However, my only complaints are that the battery life is too small and it has no bluetooth needed if you drive. I personally would invest it in another similar phone to the iPhone like the G1 Google Phone or my brother's more recent phone the Behold by what I think is from Samsung from T-Mobile. It has the same functions as the iPhone, but better amount of memory, camera up to 5mp, can play music, way longer battery life, is a touch screen, and applications and games can be uploaded. I fear that if I bought the iPhone, Apple is going to screw me over and release a new one within a few months or years.
That's my two cents and hope it helps.
Also, not sure, but I think this is in the wrong topic. Its more for Entertainment in Off The Wall.