As more apps are introduced, the possibilities for the iPhone camera are always expanding. What your iPhone camera can do today may change tomorrow. The traditional point-and-shoot can't even dream of this kind of flexibility right now.
But let's not get too carried away. Point-and-shoot cameras can zoom, they offer adjustment to white balance, flexibility in exposure settings and better overall ergonomics for photo taking. Moments like children's sporting events and recitals are still best capture with a camera that has zoom and optical image stabilization capabilities.
The iPhone 4S is designed for simplicity in operation, and by nature removes many manual control options. For many, this will be good enough. The sharing applications, the filters, the speed and availability of the camera will be more than enough for a lot of people. For those who demand a little more from a camera and don't find carrying an extra device to be a burden, we will still need point-and-shoot cameras. At least for now.
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