The time we each spend using smartphones is increasing. So is the extent of discussions on whether that time is well spent and whether it results in positive experiences and ultimately improves well-being. However, research on this question rarely links the time spent on smartphones, the specific applications used, the motivation for using them and their effects on well-being. We had 70 participants compare experiences with a frequently used smartphone application and an occasionally used one. The participants used the Screen Time feature of the iPhone to select the applications and provided qualitative and quantitative data on their use of the applications. The findings show that the experience of pragmatic and hedonic value differs between the two application types, as does the experience of regret. The motivation for using the applications also in'uences whether the time is experienced as well spent. We use these findings to nuance the general discussion of smartphone usage and well-being.