@bagley79 - I am just the opposite, and don't bother much with ringtones at all. I get annoyed when people leave their phones on in inappropriate places. Sometimes I have heard some crazy ringtones that would drive me crazy if I heard them all the time.
Most of the time my phone is on vibrate so I don't see much point of setting different ringtones.
I do understand choosing ringtones that are from favorite songs or clips. When I listen to the free ringtones that come with my phone, I am interested in only a couple of them.
I am also a bit overwhelmed by the technology of it all. I would have no idea where to start if I wanted something in M4R format.