It's fine for basic stuff but overall it's a pretty poor camera. If you are at all serious about taking pictures it won't cut it.

I have a mid-range (say $200-ish) point and shoot and it takes way better pics than my iPhone.

I don't personally think so. and it sucks for night photos. Where is has the advantage is quick uploading to facebook or texting photos to people. I use both.

I have an iphone 4 - it doesn't take good low light pics. I just compared pics I took at an evening event to pics my friend took on her cheapie point and shoot, and hers were much, much better. The exposure was better, the focus was better, the pictures were much more sharp, and she could zoom further. My pics were a blurry mess.

Also, I've found that iphone cameras don't do white balance very well. My pics all tend yellow, no matter the lighting.

yes, for natural lighting

the flash isn't that great though, compared to a high-end point & shoot

I don't know how to take really good pics with my iphone, got a lot better ones with my digital camera.

However, my iphone wins in that since it's always with me, I never say I wish I had my camera with me.

Go here and look at lots of examples taken with the iPhone 5:

http://www.flickr.com/cameras/apple/iphone_5/

Yes.

I never use my point and shoot digital camera anymore. We've discussed selling them on craigslist.

We also have a digital SLR we use from time to time, but my go to camera is the iPhone.

I am currently smartphone-less but will most likely be getting an iPhone in January. Meanwhile, my point-and-shoot camera needs to be replaced now. We have quite a few fun things coming up that I would love to have a better camera for, but am wondering if I having a new camera and an iPhone would be redundant, as I hear that the iPhones take great pics. Is the quality that good that I would be better off just sucking it up and making do with the old camera until Jan?