For those looking at picking up the new HTC ONE with Telstra, Telstra are offering free Dr Dre Beats Solo headphones valued at RRP$249 (less if you shop around). Offer only available if you pre-order the phone prior to April 23rd. Phone repayments work out to be $20 a month x 24 months on Telstra's lowest plan (total phone cost $480. Phone retailing for approx $750. Even if you're not a fan of 'Beats' you can probably sell them for $150 on ebay/gumtree.
Review of the HTC one:
http://www.gizmodo.com.au/2013/03/htc-one-australian-review-…
Note - Vodafone also offering free headphones on pre-order on a cheaper plan
The calculations on the value are sort of irrelevant as you MUST have a 24 month contract. The actual minimum cost is $1680 over 2 years with a $600/mth call value, unlimited text and 1GB data.
Alternatively you can get this (without "free" headphones) with Virgin for $1080 over 2 years with a $250/mth calls, unlimited text and 250GB data. If you were to use the same maths to calculate the value of the phone as the OP does this is only $384 for the phone. If you go with Virgin's $62/mth deal ($700 calls, 3GB) and use OP's maths, it's only $72 for the phone.