I have the world's dullest iPhone wallpaper -- my business card with my phone number and personal email written in big ink letters.
I used to have a photo of the dog (that way the kids don't accuse me of favoritism), but I realized that if the phone was lost there was nothing to point to me. I set the phone to lock after a few minutes without use, so anyone finding it can't get through to my phone list (for example).
Palm devices, and probably most devices, have a security option to show a user-defined text screen when locked. Not so the iPhone! 
So I used my Griffin Clarifi macro lens and took an iPhone picture of my business card, with annotations. Then I set the business card as wallpaper. I framed it so the key information would be easy to see.
So if my phone is lost, it's now easy for someone to return it to me.
I'll try making a better picture with my dSLR, but really the card picture is quite readable even in the wallpaper version.
 Yes, I too would like to lock the iPhone team in a room with a Palm Vx for a month until the good bits of that device/software package were permanently burned into their brains.