Before his time
My SE W810i phone does holiday snaps good enough for arsebook, but there is no phone camera (or compact) that can get anywhere near my 7D (10-22mm, 24-105mm F4L, 70-210 F2.8L, 400mm F2.8L, x1.4, x2).
BUT... the best phone cameras can be better quality than the first consumer digital cameras AND a good compact (like my TZ5) can produce better pics than the first DSLRs
The point is that IF the technology in mobile phones ever does match todays DSLRs (unlikely but debatable) then the DSLR will have moved on, my DSLR can produce broadcast/film quality Full HD video today.
It's really important to note that digital is still trying to catch up (in quality terms) with anlogue, I could get a old bronica/mamiya medium format camera, some low ISO film for a few quid but you'd be paying four figures for an DSLR that could touch it for quality (and ability to blow the picture up), digital wins hands down for convienience, and one day soon when we have 50mp full frame sensors as the default the quality will be better, but not yet.
Oh, and one word for those who know... "bokeh" (nuff said)