I would not do it again today, but for the first iPhone, it was a lot of fun to go get in line, and I will never forget it. One of my brothers had then very recently passed away, and in the numbness that follows something like that, I was wandering around the house sort of aimlessly wondering how to get my day jumpstarted... noticed there was a calendar entry "iPhone launch!" so I actually got in my car and drove the 90-something miles to an Apple store to get one.
It was a way of resuming ordinary life instead of just sort of holding my breath waiting for someone to say it was okay to do anything but cry and be angry over a sibling's death. Sure, it was a temporary break in the long path grieving seems to require, but it was nonetheless an important one for me. I was like a zombie until I broke out of the post-funeral "Now What?" mode.
That day I met some kids on line who had just cut their band's first CD and were all excited to be getting iPhones even though they were standing in line holding a heavy box of their albums, handing it back and forth when their arms got tired, passing a few album freebies out to the other people queued up for the original iPhone. Even on the way back out of the store we were all in companiable little groups, strangers to each other but walking together, and joking a little about how forlorn the Verizon kiosk looked in that stretch of the mall that afternoon, with their clerks standing idly as the parade of iPhone bags went past them to the parking lots.
So if you have never waited online in an expectant iPhone queue, I'd say try it once anyway; for me it was lots of fun. What is one's time worth? Depends on how you value your time. It's not all about money, that's for sure.