There have been phones with cameras for years.
Now, here are cameras that have a phone built in!
http://www.petapixel.com/2010/11/08/lg-l-03c-is-a-12-megapixel-camera-that-doubles-as-a-phone/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed:+PetaPixel+(PetaPixel)
this one must be a niche product, dont know how many these will sell.
I do like the phones to have a camera, but just so that i wouldn't miss out on something - n this case the camera seem to be the primary function and a phone is bolted onto it to make it a dual product.
but otherwise in most cases, physics don't agree with tiny lens/ sensors producing brilliant images - however much the cell phones might be painted as a great camera-phone :)