On my top 10 list of ways I hope I never give up the ghost, I think this one may have to be in there somewhere.
One hopes that it wasn’t a combined sewer.
Why didn’t he dial 911?
That is a terribly pathetic way to go. It’s not as if there was even much point in trying to retrieve the phone, if it fell into a drain full of water.
Oh wow. That really is pretty awful. I feel bad for the guy (and his family). 
With the way some people are so wrapped up in using cell phones nowadays, I can see how someone might panic and impulsively decide to go after the cell phone without thinking about how futile it would be (although he no doubt realized that after it was too late, sadly)
Is this intentional irony? In any case it reminds me of the story of Tantalus, but as a rather more macabre version.
Interesting, I assumed you were referring to this similar incident:
Yesterday a kid dove into a lake in NC trying to retrieve his cell phone. He drowned too.
WOW!
and I thought getting your head stuck in a sewer grate was bad.