As a 30 year full time pro, could you tell us how much you would have to pay for a standalone photo camera and/or video camera that is about the same quality as the camera in an iPhone 7 or 7+?
If I get one ( undecided ) I would first evaluate it then make that comparison. But lets play devils advocate here for a moment, shall we?
The Nikon D700 is 12MP, has great image quality at ISO 3,200 ( iPhone 7? ) and with both a 28mm 1.8 and 50mm 1.8 AF lens will set you back about $1,200. Unlike the phone, when the battery dies you can simply put in a new one instead of having to the plug the camera in...I worked with $14,000 digital cameras in the mid 90's that you had to plug in when the battery died, lol!
You also get real bokeh, not software centric which means it can be used with far greater control and awareness of what it *actually* does.
We could go on and on here but the deal is that those who want a great camera in their phone ( I do ) will find that to be a valuable asset in the iPhone 7. And those who are more along the lines of either photo enthusiasts or actual photographers ( earn a full time income ) will for sure use a dedicated camera system.
The shallow depth of field feature will be a "Look at me" gimmick to get likes for some and a tool for others, that simple really.
But mark my words, all the usual suspects that can not see beyond their 4.7" or 5.5" world for even 5 minutes will call this the death knell for DSLRs, mirrorless, Leica, Nikon and professional photographers, happens every time and my work, my tax returns and my direct experience tells me differently.