Nothing revolutionary has happened on the mobile camera industry yet (well...gotten to market yet anyway), this is an area where apple partners or purchases, but does not lead.
Actually, Sony has developed a new sensor for use in phones, they released it earlier this year. 12.25 mpxls, if I remember correctly. Apple uses 'other' manufacturer cameras in their phone...and I believe a couple of them have come from Sony
http://www.photographyblog.com/news/sony_12_megapixel_cameraphone_sensor/
Any high end smartphone will be just as good as a point and shoot these days anyway. Point and shoots are a bit pointless IMHO.
It's been addressed already, but decent P&S cameras still better those of even the best smart phone cameras for everything over 100 ISO (bright, sunny days) without the need for zoom or select focus, manual aperture settings, shutter speed, bracketing, et al. I shoot Canon exclusively. Currently, my s100 goes with me everywhere, even when I'm carrying my 5dIII.
If anything, it is more likely that the new camera will be worse than the one in iPhone 4S. The phone will be thinner thus creating more challenges for lens design.
No. Chance!
It is in my experience anyway. I had a Canon point and shoot and the quality of the images it produced was the same as, if not inferior to, my smartphones.
Even if there is a tiny difference you can spot if you examine the image in detail, I don't see why that's worth owning a separate device. If you really care about your photos that much you should buy a DLSR anyway.
There are crappy P&S cameras. There are excellent P&S cameras. Just as with any product in any category---ya get whatcha pay for

Bigger sensors in smaller packages is becoming more and more ubiquitous. Nikon and Sony with the 'J' and 'Nex' series, as well as Canon now stepping up the 'G' series to significantly bigger sensors...yet still remaining kinda 'pocketable', produce incredible shots in comparison to the older P&S cams.
However, that said---the convenience factor is HUGE with Smart Phones. Most folks, less those photography enthusiasts and professionals...will typically forego carrying a P&S camera simply because we get decent to excellent 'snaps' with our phones. Just check any of the big photo sharing sites to see which cams/phones are being used for capture. By far and away the iPhones are in the lead...with 'other' smartphones in the 2-10 positions. Along with the cameras in phones, we have the ability to instantly share the pictures, post them to Facebook, sling on Twitter...email, edit, produce (Instagram, PS, iPhoto, et al), an all around photo 'system' compared to having to download from camera to computer...etc, etc...when it comes to using a real 'camera' for shooting these days.
It's going to be interesting to see how the new Android cameras from Samsung do. Depending on pricing, I think THIS will be the ONLY way the big camera makers will remain relevant in the P&S community. There are very VERY few photography enthusiasts left that will actually carry an extra camera these days simply because of the cell phone cam quality and convenience. The latter, IMO, the deciding factor for MOST of today's Snappers
J