In April, my wife and I got iPhones (3Gs for those reading the news everyday). She needed a new phone, and we were on the same plan, so we made the jump. I left a Blackberry Storm, and boy am I glad I did. Holy Stuff! what a phenomenal machine the iPhone is.
But I'm not trying to get you to switch phones, I just want to point out the iPhone camera and more particularly the 'apps' Camera+ and Autostitch. I just got back from Las Vegas, and got better photos with my phone (in some circumstances) than I did with the Canon 50D. So...
I know there is still stuff you can't do with a "point-and-shoot" that you can with an SLR (off-camera flash, lens changes, manual controls, etc.). But when you can get print-worthy photos without all that (meaning good low-light sensitivity, decent exposures, no more 'lag-time' and the biggest of all - it's in your pocket and you can take it anywhere they would normally stop you with a "professional" camera at the door), the consumer-level DSLRs are probably on borrowed time. Just my opinion.
I say this because 99% of folks buying Digital Rebels and the Nikon equivalent (that now shoot HD video - but so does iPhone 4) don't have the slightest clue how to take photos with them (and never leave the green square or 'auto' mode). They just buy them because they're on sale at Best Buy (but much cheaper online), and it impresses their friends at the kids' soccer games.
So now I get a kick out of whipping out my phone to snap off some pics while I'm working with $4000 of Canon gear hanging around my neck. People think I'm crazy, but I can edit them and upload them to my website and social media sites (Facebook/Twitter) in the time it takes me to set the exposure on my 50D.