Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
Is the iPhone 5 good enough to replace point and shoot cameras yet? Also are there any underwater housing cases for the iPhone5 to do underwater photography? Thanks!

No, and it never will be. The size of the iPhone camera prevents it from ever performing to that level. Cameras thirst for light. That's why the lenses and sensors are big.
 
Register on MacRumors! This sidebar will go away, and you'll see fewer ads.