Oh, I thought SLR was just had to do with the quality of pixels being super refined on point and shoot cameras. I kinda want to see the point and shoot camera to disappear and centralize everything within a cell phone. My friend does digital photography and she's super pro cannon, but I don't use anything outside of my phone, but I have the HTC One, so my camera is good.
Most (but definitely not all!) P&S cameras have equally low pixel sizes as many smartphones.
This means, unless they have much brighter lens (which is increasingly no longer the case by the top phones' getting brighter and brighter lens all the time), they have similar(ly bad) low-light performance and dynamic range as camera phones.
Of course, as they are allowed to occupy much more volume, P&S cameras are way better than most camera phones in the following respects:
- optical zoom
- Xenon flash
- optical IS
Also, as they can have much larger lens, several of them (particularly the higher-end ones) can have (in cases, much - some even start at f/1.4, which is a stop brighter than most phones) brighter lens than phones.
Nevertheless, noise- and dynamic range-wise, most (again, I'm not speaking about large-sensor (1/1.7" and larger), superbright-lens enthusiast models) P&S cameras aren't better than (camera-wise top) phones. In this regard, they're already beaten.