"Multi-year" is technically correct but a little rosy: Google cuts off software updates including security updates after 3 years, by which time one can also expect the hard-to-replace battery to be degraded, and increased probability of screen damage. Phones aren't really designed to be durable objects.

That said, I do appreciate Google's "a" variant of their recent phones for the emphasis on practicality and usability (headphone jack, battery capacity), and the $349 price tag doesn't seem extravagant for what you're getting. Mostly, I just wish they came in a smaller size.