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The new plan gives your iPhone one year of hardware repair coverage and 90 days of telephone technical support, and covers as many as two incidents of accidental damage "due to handling." Your clumsiness may cost you a $49 service fee for each incident, but it's better than paying for an entirely new device.
The new plan also comes with a new price tag: $99 as opposed to $69, which was the price of original iPhone AppleCare plan. Furthermore, Apple points out that you must purchase AppleCare+ together with a new iPhone -- meaning it will overlap with your warranty.
So there you have it: If you're really clumsy, the new AppleCare+ iPhone plan will probably be a good fit for you, but it doesn't come cheap.