It's enough for basic point and shoot needs (i.e. grandma who uses the $5 disposable and runs down to the 1-hour photo lab at Wal Mart). Beyond that- no.
1. Film resolution is measured by granularity of the crystals used. In other words, MOLECULES. Digital resolution is measured in pixels. Molecules are more granular than pixels.
2. Color saturation of prosumer image capture devices are about an order of magnitude worse than good film. This is why all the mucking about in photoshop, etc is required to artificially enhance digital photos and make them "pop." Even so, in many cases, no amount of postprocessing can correct this deficiency. Remember that rule #1 in photography is "good light."
3. Longevity. What's the longevity of a pixel on digital media? I have lots of negatives and slides, over 100 years old, which still produce very nice prints.