I think the 4s camera is good enough for most people
I have a digital SLR and lenses that cost on average of $1000 each. The weight and size of each of those lenses is at least 5, 10, 20x that of the 4s. Needless to say, I almost always have my iPhone 4 with me, but not my SLR and my lenses.
When I use my SLR, I almost always use custom white balance and shoot raw, then convert to jpg on a computer. The white balance is always spot on. Noise is rarely an issue with current SLR unless you shoot really dark scenes which most people don't. While I chase technical perfection in my photography, I realize and confirmed over the years that the most important aspect of photography is being in the right place with the right time with a CAMERA. It doesn't matter if a shot is noisy or blurry; if it's the only shot you have, then it is your best shot! For that reason alone, I think a camera phone is the most significant camera for most people.
As for photo editing, in my the perfect world I would correct every photo I shot the best I can. But in reality, I am at least a few months behind in editing

. I suspect that 99% of the people who take photo with a camera never edit them. For that reason, a good enough shot from a phone camera - descent auto white balance, not so distracting noise - is very important.
Having owned expensive noisy point-and-shoot ($500) in the past, I would say that iPhone 4 camera does a pretty good job compared to them. Part of my satisfaction has to do with not expecting too much from such a tiny sensor, and part has to do with knowing how to live with its limitation: more light = less noise. From what I have seen, the 4s is probably better, but either one is good enough that if you are a descent photographer, you can take great shots with them.