Yeah it is.
I thought it was stupid at first but then look what I'm paying for!
Unlimited Internet usage which means I can visit this website when out and about

1200 minutes
500 Texts
And the new geograph photo thing, which is if I'm lost and I take a picture of a land mark, it can use the satalite to find out where I am, which is cool. (But then I wonder, what if there is only a treet around, would it still find me?)
The iPhone offers ALOT, and that's what you pay for, but it is truely amazing I think.