I rather buy a point in shoot camera. There is no camera on any smartphone worth buying the phone for. Take pics of a lot of white stuff an you'll see green **** on the screen. I would love to see a phone that takes better pics then a point in shoot.
While I have an excellent point and shoot (Canon g10), and a full Canon professional setup leftover from my days of shooting weddings, the best camera is the one you have with you at all times. Turns out, I don't carry either of those with me all the time, but I do carry my phone.
So I upgraded to the iPhone 4 based solely on the camera. And I have no regrets, because now I can catch excellent quality images anytime, images I otherwise would have missed. Are they equivalent to my pro gear? No. Are they equivalent to the g10? For printing up to 8"x10", they're fine. For web use, they're better...because they won't sit on an SD card for a week or two until I get around to posting them!
Oh, and no green spots so far, no major white balance issues that can't be corrected. It doesn't shoot in RAW, but I can forgo that because a decent JPEG still outweighs having no image at all because I left the camera at home.