AppleCare for iPhone Page
Basically, it's $69 to extend your hardware coverage to 2 years from date of purchase. Like all AppleCare products, it's simply a warranty extension and does not cover accidents, abuse, etc.
Personally, with a mobile phone I'm much more concerned about losing or...
Sorry guys. . .I got distracted while prepping the poll and the stupid forum software makes you post the poll within 10 minutes of posting the thread. Sorry for the confusion!