Its incredibly tiny sizes you are dealing with, you are right about the gear, its a pretty hefty outlay to be honest. I think the microscope I got was about £360, then the hot air rework station, soldering station, various fluxes, soldering wire, multimeter, power suppy, repair heat plate and on and on it goes.
Reballing yes, though I currently only have the stencils for all the iphones, my solder paste is currently in the fridge I have done a few, for practice with varying success, just now at the point where things are actually working after being soldered.
Jumping wires is the trickiest thing I have ever done, the sizes are miniscule, 0.1mm wire :/
If you can get some hot tweezers does make taking filters etc out a lot easier in a crowded space, sometimes though depending on what it is, you can just knock it off the board entirely and the board continues to work.
Things have got a lot more complicated with the latest iphones, they have sandwiched the mainboard together in two halves.
I am finding consumables pricey though, like genuine flux etc
However depending on what needs to be done, most of the time can be spent taking a phone apart and putting it back together rather than the actual "job"