My smart phone takes crappy pictures. They look ok but not great when reduced to web size. The thing only has a digital zoom, and there's no control over the exposure. So there are a lot of reasons point and shoot cameras still make sense. That's not even getting into battery life.

The way a smart phone could really help with snapshots on the go is if you could get at the photos from your camera with it, so when you get back to a place with cell coverage, you can send a few of them off to friends and show them why they should have joined you on the ride.