Out is the time-consuming task of bedazzling your new sidekick and in is jazzing up your new 3G iPhone with quick, uber-expensive applications. Taking the lead in the most expensive tech-accessory race is the “I Am Rich” iPhone App by Armein Heinrich. Moderately priced at $999.99, the “I Am Rich” application is the must-have addition for new third generation iPhone owners. The app is available from the iTunes App store and once downloaded, displays a glowing red gem as an icon (think ET’s superpower index finger). But if a cool, glowing red-light wasn’t enough, consider the ego boost you’ll get when leaving your phone lying around. So skip the tacky charm in favor of this flashing-light that says you’ve arrived.

This is surely what Kanye West was referring to.

[Editor's Note: According to that LA Times, this feature has been dismantled. So you will have to go old school and rely on your Rolex to prove you are rich.]