I think overall the Iphone takes life like pictures for what's going on with what you need. It's not a tool a professional might use, unless needed. However, it's allowing us to take pictures and actually look good. That rainbow shot should be all the proof you need! it's amazing the lense on the camera's were able to pick that up so vibrantly .
In many ways that is true, plus the iPhone allows you to leave your expensive equipment at home when you're out walking around in crowded areas and you don't want your expensive camera to be a object of attention from potential thieves.