Do we still have people who think megapixel is the only stat on a camera? There's a reason why DSLRs are maybe 2x the number on megapixels compared to an iPhone yet take way better pictures. Shutter speed, aperture and more go into photo quality.
What the iPhone camera lacks is an option to select higher or lower quality pictures. My P&S has about four different selections so you're not forced to always use 12MP photos. That really helped my parents not need a third SD card on their trip to Europe earlier this year.