I think the big downfall in iPhone marketing was actually calling it 'iPhone' as it isn't primarily a phone at all. It is a multi function device for taking pictures, playing music, keeping connected via email, messenger, Facebook etc.
If I bought mine because I wanted a phone, I would be disappointed. But as I wanted one for playing music, browsing, arsing on Facebook, taking pictures, checking weather, playing games etc and I am happy with it.
(I know other 'phones' can do most of the same functions too, but the iPhone simply does them much more smoothly.
But yes – battery life could be a real pain if away from power for more than 24 hours.