Advice on Item Setup - Mobile Devices

Hello, was hoping to see if anyone had advice on item setup for mobile devices.  We are using serialized inventory items and struggling with how detailed to make our items. 
One option would be to create item name example: Iphone 4S.  Then put all the distinguishing information as item number details.  (capacity, color, grade, carrier, cosmetic, faults, etc).

The other option would be to create matrix items with Iphone 4s as parent and use matrix options for capacity, color, grade, carrier.  This 2nd option seems like it would work best with NetSuite out of the box but you can imagine the headache in managing the items for this.  One model of a phone could have dozens of variation in SKUs with this method.  Also one dependency is linking this up with our Magento site which currently has individual skus for each variation of an iphone (ex: iphone 4s white 16gb AT&T Excellent Condition).