Whilst we're on the subject, this DPReview look at how far camera phones have come as serious photographic tools is worth a read. Astonishing to think that the 2007 EOS 40D languishing in my drawer isn't significantly better than the latest phone-sized sensor.
Ironically, as dedicated cameras, prime lens compacts remain niche products with no aspirations to popular appeal. They're aimed squarely at discerning users. But as phones they’ve become the tool of choice in everyone’s hands. We accept their limitations as the price of extreme convenience.
But many of their limitations will disappear in a few short years with zippier processing. Only their fixed lens remains as an Achilles’ heel, with no obvious technology on the horizon to rescue it. Yet.
That "Yet" is important. Look to advances like this one to begin to move lenses into the realm of software.