Well, I have never dedicatedly checked out what kind of photos the high end phones can do, but am surprised. There was a comment above how these print - I would be curios about that too. If one could make decent 6x6" (or 15x15 cm) prints than I would also agree that I do not need more from a compact camera. And since I shoot with Ricoh GRDIII I am getting used to fixed focal length compact camera. Hmmm ...
Just that the iPhone 4s costs more than the GRDIII ... (well it can do more than just takes photos, I know)
Still - as I prefer to shoot film anyhow, I could imagine that in the future a phone could provide all I would need (if my affinity towards cameras like X100 or GXR will be cured successfully)