Don Basile, writing in the "cons" section of his article on The Next Web:
You’re signing on to higher monthly phone payments indefinitely for reasons that some might call vain and superficial. Is Apple just enabling you to lease a lifestyle you otherwise couldn’t afford?
Putting that cynical argument aside, the bigger con here is that leasing something: it costs more. Waiting a few months after a product’s launch allows consumers to purchase the product at a lower price, or buy a refurbished iteration of the previous generation of product for significantly less.
With the required two year commitment, Apple’s leasing option allows you to get the 16GB 6s Plus for $32.45 a month. The phone costs $649 to purchase new retail. So the leasing price comes out to $778.80 over the two year commitment—over $100 more.
Actually, it doesn't cost more. Basile even writes earlier in the article that the iPhone Upgrade Program even includes AppleCare+ for your device. AppleCare+ for the new iPhones costs $129.
I'm not very good at math, so I'm going to quickly jot this down in Spotlight.
This is actually cheaper than normal because you don't have to pay tax on the $649. (Update: NOPE, I'm an idiot and forgot I read about the tax thing elsewhere. You do still have to pay tax as part of your initial installment payment. Listed in the full terms on Apple's site. Section 1a.
Regardless, the main point is that it comes out to the same cost as paying for the phone and AppleCare+ outright.)
So, I guess the only con is being cynical. Got it.