I dunno, my non-interchangeable-lens camera (Canon SX40) has a whole range of features which are important to me and that the iPhone doesn't (and will never) have:
* 30x optical zoom
* optical image stabilization
* tripod mount
* flash hot shoe
* 58mm filter mount
* good ergonomics & no touchscreen
* RAW files
* scriptability of shooting e.g. for thunderstorms (camera triggered by lightning)
* replaceable battery
* removable storage