Wallet. Cellphones easily replaceable, you only have to go to one place to get it fixed. If you lose your wallet, you have to go to the DMV, and that sucks major cock.
i put ipod as worse than either because i never have much money in my wallet and i have a back up id, and i also have an old phone i can just use until i get a new one. an ipod...most people dont just ahve an extra $250 laying around and neither do i...