There is no way a phone can make an image of comparable quality to a reasonable p&s. Just the size of the lens and imaging element alone should tell you that.
I enjoy photography a lot, and own a m4/3, a DSLR, and an iPhone 4S, several film cameras and polaroids.
Most of my "everyday" shots (ie. shots of friends and family at events, etc.) are taken with my iPhone. It performs better than would be desirable in all situations. That's what people care about.