I'm no expert, but battery life would be a huge issue. You'd have to leave it plugged in, and who wants to do that with their phone? Unless you do it overnight, in which case your phone would just charge more slowly. Also, the added heat would degrade your battery faster over time. Mobile devices aren't the greatest at dissipating heat.
And they're also honestly not that powerful. Millions of them sure, but individually not at all, especially with limited memory at their disposal. Mobile devices are just highly optimized and running very finely tuned software. All this talk of quad core phones and such is misleading.
I mean, from a raw power perspective, an average dual core desktop system from a few years back is leagues above the fastest multi-core offering on a phone. And this same dual core system is pushing it in terms of being "worth it" to run DC projects with, let alone a phone.