Yes, this is the way to go. Grab an older Android phone.
Fuck micro-controllers, just write an app. It's got wifi, bluetooth, ethernet (I assume that can be done over USB easily), haptic feedback...what else do you want on a hobby board?
Yes the high level of a standard smart phone is very useful. Especially for human interface. And WiFi/BT/ENet/USB for communication with other high level devices.
However, how many user programmable I/O pins does it have? How man AD converters? What if you want to read temperature probes or other analog devices? Or interface with other low level devices? Sure you could design a custom USB device to do that, but now you've defeated the convenience of using a smart phone.
The hardware depends on the application. If the project is primarily for human interface and network communication go for the smart phone. If the project is an electronics project you'll want a development board. Personally I like Teensy, but there are many good ones out there. Check out these neat projects.
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