My 4S has spent roughly 2 out of it's 11 months of existence in my possession nekkid. I go through spots where I'm completely paranoid I might drop it and really ding it up but when I think about it, I've only ever dropped it maybe 3 times when in its case so it causes me to wonder what I'm paying for with applecare+? If I had dropped the phone while not protected in its case any of these times and it did cause significant or noticeable damage, the warranty would take care of it...
Really, the most damage caused to mine is the frequent sliding in and out of jeans/short pockets at work which seems to have developed only minor scratches on the back. I'm strongly considering just purchasing applecare+ again, equipping both sides with an invisi-shield, and rolling nearly "naked" for this next one.
These iPhones truly mark the pinnacle of smartphone/handheld device design and I've always disliked encasing such beautiful looking products in bulky and largely unattractive add ons...