What does the iPhone developer program give me over and above simple registration as an iPhone developer?

Question

Simply put; what does my $99 get me, that I can\'t already get for free?

OK, OK, sounds like a dumb question, but the Apple site is not clear to me.

My hunch is

Answer 1

You cannot actually run your program on a any iPhone/iPod touch, including the one you own, without paying the $99.