Is it worth buying an unlocked iPhone from the US?

Alright, I thought people already knew about this. But after coming across a few recently who had a very wrong idea about it, I thought it is time to set things straight. Many have a misconception that iPhones are being sold for a really cheap price of USD 200 (Approx. Rs. 9,137) in America -- while they are sold almost "four times" as much here in India.