The image quality is nowhere near what an SLR can deliver, but you are getting away from the original posters intent and my point of using the camera that you have to learn how to compose images. Sure, cell phone cameras are not going to have as many conveniences or the same image quality as a camera with a sensor larger than a pinhead (about the size of cell phone camera sensors), but you have it with you.
Ideally, I am waiting for a camera company to comet head on with Leica, but at lower prices. I just cannot justify a digital rangefinder in the $7-9 thousand range for the body alone when the image quality out of my Canon's is better. I wish I could as they are remarkably compact and discrete. The Fuji cameras are sooooo close. They need interchangeable lenses and slightly larger sensors, but I can easily see going with a solution like that when available.