My kids have the LG Xenon and the price for ringtones is $2.49! Zoinks! The whole idea of repaying for songs you already have, for a second purpose is utterly ridiculous. I've made my own mp3's rips that I like to use as notifiers ie ringtones or text notification etc, or sounds like my daughter's cry as a baby. No reason I need to be paying for that and no reason I shouldn't be able to use it.
In my mind they are taking advantage of children and teen wonderlust ie the record companies.
Now if its your company and you're using the rolling stones to make your company seem hip and cool to the 50 somethings out there then I think you should pay the man, but if you're just a kid who wants to use it on his answering machine or phone then I would like the tell the RIAA, MPAA, Apple, ATT, Verizon, and all the others to SUCK IT and let the creativity grow and fund your intellectual property virally. The corporations are always looking at what the kids are doing and trying to be hip and cool, you can get your money from them.
I own the iphone and have lots of my own ringtones that I don't use. ;)