As one of the six people remaining who doesn't own a smartphone, I am actually considering getting one for my grad program. I think it might be helpful in terms of keeping track of my schedule, looking up real-time transit arrival times, etc.
However, I'm not convinced the benefits outweigh the negatives. Of course it's a really cool thing to have the entire internet's worth of information at your fingertips, but I'm not sure it's that big a draw that I cannot wait until I can get my laptop out. Seems like so many people just turn it on automatically once the world stops being stimulating enough, and I could see that happening to myself too, if I get one. The worst is when you are with another person and s/he would rather be on the iphone than interact with you.
So. Pros and cons. What do you guys think?