"valued at 1M ten years ago". If you add up stuff like GPS, sat phone, camera, video conferencing gear and so on, it gets expensive fast. We've had all of that stuff for decades, it's just nobody could afford it.
But the iPhone didn't replace that stuff. There's still so much software and infrastructure involved. For example, you can't do video conferencing on 3G. The iPhone didn't bring with it 4G LTE
