Cell phones have become more important than a face-to-face person. If you don;t believe this statement, consider what happens during a face-to-face conversation when a cell phone rings. It gets answered. And by answering it, the subliminal message given to the real-time person is, "you are not as important as this call."
In personal encounters, this attitude and action would be considered simply rude by all of the Emily Posts out there. In business situations, it can easily damage the relationship. However, improper use of a cell phone also puts your organization at risk as well.
Whether we like it or not, all cell phone conversations are easily overheard. If you are talking on one, and you are also wearing a company uniform or logo shirt, or carrying a company logo briefcase, everyone can listen in to your business conversation. And to your business dealings. And to your business strategy.
If your organization has not taught your employees how to use cell phones in public while conductiong company business, do so. If you haven't trained them on the security risks to your organization, you have left a hole that your competitors can parley into their own advantage.
The rapid technology changes we take for granted require successful organizations to also change how they analyze these enhancements change their risk quotients. Is your organization comfortable with its risk?