Fitting polynomial model to data in R

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To get a third order polynomial in x (x^3), you can do

lm(y ~ x + I(x^2) + I(x^3))

or

lm(y ~ poly(x, 3, raw=TRUE))

You could fit a 10th order polynomial and get a near-perfect fit, but should you?

EDIT:
poly(x, 3) is probably a better choice (see @hadley below).

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