Well an Iphone 4s is about 840,000 cash here or on a 2 year contract about 65,000 won a month. You are allowed to register one foreign phone here on the network and apparently it is pretty painless now, I haven't done it but from others posting here, it is supposed to be okay now.
Personally I would bring it if it is cheaper to buy there and then take out a contract for the phone, you now get ones that are for 2 years, but because you have your own handset, you can cancel it anytime after the first 3 months with no penalty. I have that deal because I paid cash for my HTC, so I am not locked into a 2 year contract.
The choice is yours. One more advantage is that your iPhone will be totally in English, my wife has one from SK here and sometimes you get Korean creeping into your phone via apps etc, not a big problem but it happens.