I've yet to see a wireless phone camera which even came close to the image quality of an inexpensive $99 Nikon or Canon point and shoot. It's mostly about the lack of a decent lens under the hood, along with limited flash capability that is the reason for poor camera performance in most handsets.
I'd stick to the separate devices for now.
Thinking of getting rid of my old point and shoot and getting a camera phone. I've got my dSLR for "real" shots and I've got an iPhone. But the camera stinks and I still have to carry around my point and shoot.
Preferred to have a smartphone with good camera, but don't mind carrying 2 different things (redundant in this day I say but....). I just want a good phone that can double as a point and shoot when I just wanna take some shots. Thoughts? I'm also looking to see what's going to be announced at CES...