Depends on where you are going in to china from. There is a higher risk when you enter China from hong kong to Shenzhen than if you are entering from Beijing. Customs is much more lax at Beijing airport, but yea if worse comes to worse and you get caught all you have to do is pay the customs tax and you are fine. Brought 3 iphone 4s over a month ago for personal use and have had no problems. You can probably make about $200 profit per iphone if you decide to sell it in China, but yea it all depends on if you think its worth the risk. All I can say is I exit and enter China about 10 times a year and not once have I been checked at customs (both beijing [3x a year] and shenzhen [about once every 2 months]).