That sounds roughly what I'm paying Verizon. I pay $240/mo after taxes for three lines, all iPhone 4, unlimited texts/pics/vids, 2Gb data each, insurance on two of them. None of us really use the voice part, so we share minutes. But it's free m2m, free nights and weekends, free other crap. So we haven't used more than about an hour combined in the last few years (two are the same phone numbers since 1996). I'm not Verizon's biggest fan, but they are the lessor of evils from my brief experience switching years ago.
Keep in mind that there's free wifi just about everywhere, so you have to try to use 2Gb a month.
The most I paid for any iPhone was $99, 4s would have been $199 when I upgraded the last phone two weeks ago. Pretty sure one was free. And Verizon will let you transfer upgrade eligibility between phone lines if needed (seems you don't though).