Ok, I don't get DSLRs anymore. I firmly believe they are fundamentally obsolete.
There are some things that are quite difficult to photograph with the iPhone, but are supremely easy to photograph with any DSLR.
But apart from the obvious massive image quality differences, the major difference is the form factor. The iPhone has an awkward shape for camera use, while a modern DSLR is honed to be the optimum shape and is designed for easy use, especially with respect to changing functions in a hurry.
The lovely images we enjoyed from places like the London Olympics just aren't possible with smart phone cameras. These are the sort of images coming from cameras like the Nikon D4 and the Nikkor 800mm F/5.6 lens. (not released to the general public yet).
But I'm just a relative hack who just takes little happy snaps at work so probably the DSLR is
fundamentally obsolete as you've said.
Some pro photographers are using cameras like Nikon P7000 for situations where a more discreet camera is required, or they are using stuff like the old D70 in dangerous situations where more expensive equipment can't be risked. One example might be the western photographer who takes a lot of shots in Afghanistan and dresses like the locals, looks like the locals and even speaks the local language. He takes a lower end camera under his robes, and even carries a prayer mat. Some of you here in the industry will know who I'm talking about. In that case, a flashy, fancy iPhone is going to attract attention.
DSLR cameras have had connectivity options for a while that allowed transmission of images back to "home base" (for want of a better term) in those cases where the images were urgently needed. Another example of similar uses is remote firing of multiple cameras or flashes. Smart phone cameras aren't flexible enough yet. Though they could take a big step forward if it were possible to ally them with external flashes. Such a thing might even be a way for the phone makers to get customers to part with more money, after they've just spent near A$1000 on their very smart looking new slate and black object of desire.
Smart phone cameras have their uses, but broadly speaking the DSLR as a camera on the whole isn't obsolete and won't be, while the better quality point-and-shoot bridging cameras will also not become obsolete because of their superior shape which makes them easier to hold.