The microchip can definitely survive. I'd be worried about the MEMS accelerometer and microphones, though. I would have assumed the glass itself was the biggest risk, but if the phone is "full" enough of stuff that there's nowhere for it to bend internally then it could be surprisingly durable.
Electronics are usually the key payload - but things like water, fuel, and other 'potential solids' could use a cheap way to get them out of the gravity well.
