I put my phone down on my desk last night, turned to my computer, and shortly heard a crash as my phone hit the floor. "Not again," I thought, as I picked it up. Turning it over, it was definitely not a repeat; the screen was shattered. I'm now annoyed at myself for not taking a picture. It actually did still work, but looked like the screen was literally going to fall apart if I tried using it for any length of time.
So, I needed to get it fixed. Any chance of warranty repair? Nope. How much does Apple charge? Hmm... $149 or less. What about Verizon, if I had their equipment protection? Would be $10/mo, and the deductible would be $169. Huh? The insurance is more expensive than going to Apple directly?!? Yep, it is.
Talked to the guy at the Apple store for a while. The good news is that I got the phone replaced right away. The bad news was that it was, indeed, that entire $149 to do it. Still, not terrible. And getting it right away (literally, I walked out of the store with a new phone), is certainly worth more than a couple of dollars.
The scare came when I got it home, and tried to restore it from my backup; it looked like it had lost all of my app data. Most relevantly, all my missions and medals and such from Jetpack Joyride. After going around and around, it did get that right, eventually.
It turns out that it had lost track of which apps were installed (only about half of the ones that I have had installed at some point), which music was on there, and where the apps were located, but the data was there. So life was good.
Mentioned talking to the guy at the Apple Store. He'd looked into the situation also, and said that the only good thing about the Verizon replacement plan was that it covered theft; Apple wouldn't touch that problem. But with how much it costs, I worked it out that the only way to come out ahead on the Verizon plan is if you end up replacing the phone twice a year. Otherwise, you're out a lot of money.