February 6, 2012
"Investors worry that Apple’s business is so heavily predicated on sales of the iPhone — the source of almost 2/3 of profits — that the company is at risk of being pushed aside at some point if it ever turns out a Razr-like flop."

Apple: Bernstein Sees $204B in ‘Customer Lifetime Value’ - Tech Trader Daily - Barrons.com

I’m sure a lot of research analysts keep the Razr in mind when thinking about the future of the iPhone business.