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I have AppleCare on my MBP but not my iPhone. Just received my second brand new replacement MBP in the mail today. My first MBP had some problems with the power input. After replacing the ports twice they sent me a brand new uMBP ( my original MBP was pre-unibody ). My replacement started having some trouble with the trackpad and once again they replaced it with a new one. So all in all, my AppleCare has upgraded me from a pre-unibody MBP with 40GB HD to the most recent 2.2 Ghz Quad-Core uMBP with a 750 GB HD. I think that's worth my investment of about $200 I believe was the original cost of my AppleCare.
If I was going to be out of warranty and inelligible for upgrade on my iPhone then I may consider it, but I'm not in that position so I haven't purchased it.