Ahh, you nerd swiped me. I was involved in a hi rez phone before the iphone. https://en.wikipedia.org/wiki/Nokia_N80
352 × 416 pixels at 2.1" is about 259 pixels per inch.
When introducing the iPhone 4, Steve Jobs said the number of pixels needed for a Retina display is about 300 PPI for a device held 10 to 12 inches from the eye.
So, not far off at all, you're right.