When the RAZR first launched (before carriers had it) it most DEFINITELY was a status symbol. So was the Nokia 8800 for that matter.
And sure, high end watches are status symbols too, I agree. But to discount the fact that high end cell phones are not (at least initially, before everyone has them and subsidies put them in the hands of teenagers everywhere), is simply ignoring reality.
That's like saying only a car like a Ferrari is and a Rolex isn't because it's a different level of status. You can't exclude entire categories just because they don't "get you a higher paying job". Plenty of things are status symbols and don't do that...
For example, my Rolex Sea-Dweller has never gotten me a higher paying job, even though it's a status symbol... Neither has my Omega (which is what I wear out of preference).
For a while there, the iPhone garnered a LOT more attention than either watch, and even though it didn't get me a bigger salary, it actually did land me a client or two I'm sure.
If I was trying to attract attention in 2007 I would rather have an iPhone than a Rolex. That is status. Sorry.