I would take a folding phone in exchange for a mechanical keyboard, but most phones have neither, and I think they're worse for it.
But what perfection would actually look like to me would also being able to use a bluetooth mouse and keyboard, and (somehow) outputting the video to a real monitor. At that point, it would be a suitable on-the-go replacement for most laptop needs.
I keep being slightly tempted to get one as an on-call/ultraportable laptop, since it's possible to connect various USB-C bits as required.