I'm pretty sure the camera world has settled into two kinds of cameras: cell phones for people who just need to take a few snaps, and DSLRs for people who need more features than can possibly fit in a cameraphone (flash hotshoe, changeable lenses, larger sensor, etc). DSLRs are cheap enough that cost isn't really an issue.
I doubt the results here will be any better than Nokia had.
Second I think that your view is too simplistic. There are more use cases than these two. Some people prefer Fuji cameras over DSLRs, some probably would like to have a potentially decent camera with them all the time, but did not bother to have a Windows phone.
We are about to find out how big is this market.
About two years ago I got a Fuji X-T1 and it's honestly one of the best things I've ever bought. It's small, light enough, amazingly built, their lenses are incredible, and it's just so functional. The WiFi functionality is awesome because with only my phone I can transfer pictures and post on Instagram while traveling. The straight out of camera JPEGs are so good I never do any editing.
Now, if you have multiple cameras...
But yeah, someone on G+ asked me, "did you get rid of your DSLR?" because all I ever post are RX100 pictures these days. I did not get rid of my DSLR, I use it for "studio" stuff, but for going out and about the RX100 is the best possible currently-available camera. (It could be smaller. But that 1" sensor is just amazing, often yielding 21,000,000 usable pixels. My iPhone just yields photograph-styled noise reduction artifacts.)