No, the compensation doesn't work, reaction times are irrelevant if you just don't see everything that you should, I've watched a phone user drive straight through a red light without slowing.
You want a comparison, compare cell phone use with micro-naps because some people just zone out and lose concentration.
The other day I watched a person cross one side of the road, a car was hurtling down the other side, they just walked straight in front of the car, luckily the driver anticipated. This person was walking, you can't get much slower than that.
Watch the Mythbusters clips, mobile phone use IS more dangerous than drink driving, the people who delude themselves about this are the people who will kill themselves and other innocent victims.
http://www.youtube.com/watch?v=3vFcIpzF7pc Part 1
http://www.youtube.com/watch?v=iGN1pLI4ZaM Part 2
http://www.youtube.com/watch?v=t8LuM92Twm8 Part 3