i just don't understand this kinda of thing... i may be on my own here... but the way I see it.... why not have a phone thats primarily awesome as being a phone with an ok camera... and then have a camera thats awesome at taking photos!?
You're never going to substitute full sensor size from the DSLRs so why try and bolt on a half job on a phone?
mehh.. monday evening rant over!
You're right.....you will never substitute a large sensor and if you are serious about taking photos on any particular occasion, take your massive, heavy, bulky camera and lenses with you.
If you're just out and about though, maybe at work, on a date, on a walk with the family, whatever it might be, this would be perfect!