Tool or Toy?

I've started thinking that I should get a smart phone.  Now, I don't use my dumb phone very often; however, the smart phone is beginning to seem like a Leatherman-type tool.  I fantasize about posting more spontaneously (but don't worry - nothing like "ooh, I'm eating a bagel" crap), watching a video podcast, listening to music, etc.  Maybe I'd make a call on it once in awhile.

What I'm afraid of is that I might just be getting sucked into something I don't really need but am perceiving I have a need for, and god knows I don't want to become one of those textatrons with my head down scrolling through my "device."  (Related sidenote:  I've made a promise to not waver in my path if someone totally oblivious to the outside world because they're on their phone is about to bump into me.)

It's probably better that I don't really have the funding to do this at the moment, but I'm curious how other people are finding their smart phones and whether they really do have desirable (a key factor) functionality.