Welcome to not knowing anything about optics and thinking MP are sooooo cool and trump every other considerations. Have anything else to add?
I'm aware of that. I'm a long time photographer and photo geek. I like using phones for street photography, and some models already offer results comparable to premium compact cameras. If you don't know (and you probably don't), Nokia N8 is slow and obsolete as hell these days, but it still offers one of the best phone cameras in the market, even though it was released 5 years ago.
Without a image stabilizer and offering just a "dark" f/2.8 lens, it still gives better low light performance than most top-notch phones, thanks to a big 1/1.8" sensor, and ISO can be easily pushed to 800-1000 without big compromise on IQ (for a smartphone). Video-wise, an iPhone outperforms a N8 because of higher processing power. But in still pictures, a N8 still provides better results.
This said, I hope that the next iPhone release will at least be on par with N8 results in still pictures. Ok, even Nokia, now under Microsoft control, couldn't produce a better phone camera than the Nokia 808 Pureview (2012) yet.
It's not just the 12MP, but with better image processing algorithms, better lens and a more efficient sensor in terms of SNR, perhaps it will give better results than a N8.