Not yet but we are getting there.
The problem I foresee is there is no way to add optical zoom without a motorized lens, adding bulk to the phone.
Also on the other end, I don't see a way for a P&S to offer the feature to instantly upload to a social network service without adding cell phone service.
It would be nice to see a two product combo that lets you combine a DSLR/P&S with your cell phone to instantly upload.
I can easily see how it would make more sense to use phone cameras for every-day/simple snapshots, while having a DSLR for events and special occasions.
Replace DSLR with P&S and that's probably how most people use their cameras.
My folks are using their phone cameras more and more, but anytime they want to take a picture of something they grab their P&S to capture it. And when they really want a nice picture of it, I have to haul my DSLR over to do so... like their new devil puppy who never sits still for a second to take pictures of.