I think it depends n what type of photos you want to take.
I reckon (= opinion) that a sound system is only as good as it's speakers allow; a radio is only as good as it's antenna, a camera is only as good as it's lens, and so on.
There's no doubt that tiny lenses have improved heaps over recent years but you are limited with adjustment of the lens. My Samsung Galaxy Note 2 takes impressive snaps, but if I take a photo from my favourite coffee spot at Hervey Bay it doesn't pick up the detail of Fraser Island in the background and I can't really zoom in to get it as the camera is limited to digital zoom. Same thing when I was coming back from the Toowoomba RTE the other day and took the photo of the great road leading to Maleny with the Glasshouse mountains in the background..
The video above show improvement in the sensor (?) and how it picks up better detail in the snow covered mountain, but I don't think that's the whole story... unless you only want good snaps. If you were initially thinking of a DSLR camera I would think that you were after some decent photographs.
Of course a camera in you phone is pretty convenient!