Comment The real issue (Score 5, Insightful) 311
It's not the *cost* of the iPhone. It's the *black market resale value* that drives theft.
It's uncomfortable allowing a third party to be able to permanently brick your phone or other device, but if that were a commonly-used option, the resale value would quickly drop down close to zero.
As always - back up your data, and don't store important personal information on your easily-stolen device...