Apple has posted an iPhone Battery Replacement FAQ and policy.
The replacement program costs $79 plus $6.95 in shipping and takes three business days for service. All daya will be cleared from your phone so it is important to sync your iPhone with iTunes prior to service.
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Also, whenever I see a razr, or any other phone for that matter, hit the ground, it always breaks into no less than 4 pieces. I've seen this happen dozens of times on campus.
If I had the $$$, I'd prefer an iPhone, but for now, I have to be careful not to drop my phone, and I'll clean it out every two weeks or so.