You can, but, IMO, smartphones are starting to feel like a money pit, too, not just a time pit. You spend $500 - $1500 on a device that can't be expected to last more than 4 years (presumably a fair bit less if you cut too close to the $500 end of the range), and will have an annoyingly short battery life in 2 years. You have to constantly be careful with it, because if you drop it or it gets scratched by a key or something, there's a good chance that that enormous, fragile screen will shatter and need replacement. etc. etc.

I am considering switching back to a dumbphone because I miss being able to buy a phone for $100 and have it work, without fuss, more-or-less indefinitely. Throw a hotspot feature in there so I can get my $200 iPod Touch connected when I need to, and I've still got a decent enough way to listen to podcasts or catch up on my Instapaper feed while I'm waiting for the bus, or whatever, while saving a fair bit of money. It also theoretically lets me have all the apps and suchlike while still being able to mitigate distraction.

I like this phone in principle, but I'm afraid $350 price point is a bit tough to swallow. I assume that a big part of the price is the eInk display, which is a bit of a shame since it looks like it doesn't actually have any features that wouldn't also work just fine with a cheapo monochrome LCD.