So on a full frame sensor camera, shooting someone's portrait with an 80mm will give you very shallow DoF, on a sensor the size of an iPhone, it's probably close to infinite.
Edit: I don't think the above is technically exactly correct...Here's a good explanation: http://www.cambridgeincolour.com/tutorials/depth-of-field.ht...
But you're correct that the short (actual, not equivalent) focal length of camera phones makes an f/1.8 completely irrelevant.