Well if your primary use of a "phone" is to make GSM voice calls and send SMSs then what you're looking at is completely overkill. The vast majority of people that buy top end phones do so for things like: pocket sized, always available, excellent quality camera, near desktop-like internet browsing, and then the entire application ecosystem including maps, lifestyle applications, games, etc.
There are going to be tradeoffs to be made depending on what your requirements are, including price and battery life.