As a photographer, I've been really impressed with the ever improving quality of the iPhone camera. So much so that I've been leaving my SLR at home when travelling.
Your SLR or DSLR? If the latter, and it's less than, say, five years old and you use it with at least a semi-decent lens and it's not a Pana / Oly m4/3 or 4/3 camera from the earli(er) years, then, I don't think you wouldn't have drastically better dynamic range with it than with any iPhones (or any other small-sensor cameras). In that, larger-sensor cameras will always be much better than iPhones. (And I haven't even talked about DoF, the ability to swap lens and, if you have bright ones, thus increase low-light performance; optical zoom etc.)
The megapixel war is over and Apple understands that. The direction that research is headed will allow for larger sensors with flatter lenses. That means a larger lens on the back of your iPhone without compromising thin design but dramatically improved light capture which will lead to iPhone photography of the quality of crop sensors on prosumer SLRs of today. Think a Canon Rebel or a Nikon D7100.
The consumer cameras of the future are smartphones.
You're overly optimistic. This is, with the currently (and in the near future) available tech, physically impossible even if we do assume Apple do everything to make their camera as good as possible. And I'm pretty pessimistic in the latter regard too - for example, RAW support or manual models may have been comparatively easy for Apple to implement but they haven't bothered. I'm pretty sure they don't consider camera quality / usability very important.
So, even if Apple put major emphasis on camera tech, it'd be impossible to put, say, an 1" sensor in a, say, 8mm thick device. Why? If you've shot both digital and film, you already know the answer: the angles i which light reach the sensor. With film, this wasn't that big a problem. With digital, it is the biggest problem requiring microlenses. If you don't use any kind of correction, everything will be dreadfully out of focus and marred by CA, except the center, where the light hits the sensor at 90 degrees. And microlenses can't decrease the lens vs. sensor distance too much either - otherwise, Sony would have come up with a super-mini camera already.
All in all, in the near future, there will
NOT be large-sensor iPhones. We'll be lucky if we even get a 1/2.3" sensor (the 5s only has a significantly smaller 1/3" one). A larger one? 1/1.7", like in many enthusiast cameras? 2/3", like in the 808 or some Fuji enthusiast P&S cameras? Or 1", like in the Nikon 1" or the Sony RX100 (MkII)? No way. It's physically impossible in such a thin device. (Remember: Nokia had to go with a, IIRC, 18mm thick "bump" for their 2/3" sensor in the 808 and around 12mm for the significantly smaller 1/1.4" in the 1020. The former is almost three times thicker than the iPhone 5/5s.) And 1" still delivers considerably lower IQ (higher noise / lower DR) than an APS-C sensor (assuming the same tech), let alone smaller ones.
In the near future (the next 2-3 years at least, unless there'll be a breakthrough in microlense / sensor tech), you won't see large-sensor but still think phones.