As for me, I truly think that the camera industry will die overtime. And very soon.
This is what they said about Polaroid, and yet there is a resurgence now in the enthusiasm for instant film. They also said this about PCs in 2000, and again in 2007 when the netbook market hit. neither have come to pass.
The market for discreet Point and Shoot cameras has definitely peaked, but they will continue to be sold for a very long time.
And until the iPhone and similar phones can match the capabilities of dSLRs (currently 15-18 megapixels, the ability the shoot raw, excellent interchangeable optics that can produce a wide variety of effects, and the ability to shoot 1080p HD video without that horrible rolling shutter effect), that won't die out anytime soon either.
Don't get me wrong, I too like my iPhone 4's camera, and don't really carry my point & shoot much anymore. But not everyone will be so willing to ditch their cameras, and so the market will continue to be there.
And, I still shoot quite a bit with my Canon DSLR, and can capture lots of things that would not be possible with the iPhone 4, and
will never be possible without serious changes in how smartphone cameras are made.
Most of the images
here and
here, for instance, are impossible to get on a smartphone camera.