I know what you are thinking.... Time has drunk the Apple iPhone kook-aid. Read the article before you make your decision. I think Time makes some very good points and while I don't know if it should be the invention of the year, only because I don't follow enough of the invention tech news to say, I do believe it has to be at the very least one of the inventions of the year. If you just want to talk about inventions with presense, then yep the iPhone wins hands down.
Read the article, and decide!