This just doesn't work out right in my opinion.
Phones get dropped down the sink, broken, lost or stolen. The devices HAVE to work when you've not got your phone, and if you loose your phone you have to be able to repair it easily with all your devices.
This leads to your phone - just being an interface to the devices. Either home network control centres, that can be backed up, or putting your house control center in the cloud too. This is subject to internet outages (which do happen) so local computing power is still needed.
Full blown internet of things has to be very redundant to:
1) Security issues.
2) Local network failure
3) ISP failure.
4) User loss of device.
5) Device failure.