Agree. Not long ago I found a top-end phone at a conference and luckily was able to return it to its owner. When I located her she was just about having the screaming habdabs at the thought she had lost something worth 500 or more.
Losing or breaking a phone is easily done so I don't understand why anyone would risk an expensive one purely for the bling factor or social status. Of course I don't want to lose my own (cheapo) phone but if it unfortunately happened I would just buy another one and forget about it.