The SMARTPHONE - be it an iPhone, Android or otherwise - has replaced a variety of personal items and stand-alone gadgets. Planners, note pads, maps, alarm clocks and most particularly - your affordable pocket point & shoot digital camera.
The picture quality of smartphones now rivals those of dedicated point & shoots and sharing them has never been easier and quicker. Such things cannot be done with your point & shoot. But hold on. That being said, however, there are still some very good reasons to have pocket point & shoot.