given the fact that my oldest is 3, and would use her phone only to take a shabillion pictures, (like she does with mine) right now...no I wouldn't get her a phone.
however, if she were older..school age, going to sleepovers or regular outings? absolutely.
I think it's important that she has the tools to reach me, whether it's an emergency or not. (and vise versa)
there are many options for parents to limit controls on a child's phone. limited texts, data, search engines, etc.
plus the option of being able to track where the phone (and child) are at all times could come in handy in the event something unfortunate happens.
short answer: yes. with limitations.