Phone or camera?

I've been giving some thought lately to the use of an iPhone for a serious camera.  Not for me since I don't have a smart phone and already have camera equipment I need to use.  But the handwriting  seems to be on the wall about the direction the market is going.  Go to any public setting where a lot of folks are taking pictures.  There will be more phone cameras than film and digital SLR's combined and probably more than the total point-and-shoot cameras.  On forums I regularly monitor, serious photographers are talking seriously about the potential of smart phones (and available aps and post-processing software) for taking serious photographs.  Most admit the results will be limited to print sizes of 8x10 or smaller, but that is true of most point and shoots already.   Which leads me to wonder if the progress in camera phones may signal the end of the point-and-shoot segment.   Why would someone buy another little box to carry around and keep batteried when they already have one that can perform as well and immediately share those results with any number of other persons.