The superpricey case gives your iPhone 4s (and eventually 5) the look, feel, lenses, and flash of a point-and-shoot camera.
The C.4 is basically the V.4 without the Bluetooth keyboard. You still get lenses and the built-in flash and shutter release, all for the low, low price of £199, or about $319.
A third version, the V.5, is actually more of a full camera, with a 14-megapixel sensor, imaging processor, a 5x zoom lens, and built-in flash. The iPhone will power the camera's functions and, of course, give you access to apps for editing and sharing.