I understand this and I agree with you. I don't even deny that the 4s has a great camera. It does! But to compare it to an S95 and a 5D Mark II isn't a story that's ready to be told. I wouldn't have said a peep if they just showed the iPhone 1-4s comparisons. That's the story - Small sensor technology is rapidly advancing and it's great! BUT it's not a replacement for the niche the s95 fills. The image presented here of the city is the most striking example of that.
I thought they just brought the 5D Mark II to show how much the iPhone has caught up to photos taken with a camera. And not to say "hey! we're there now, the iPhone can replace a really good DSLR"