Yes.

And the iPhone3, Nexus One, Nexus S, Blackberry Torch, Samsung Omnia 7... and not one of them comes close to the 6 year old Panasonic DMC-FX01 that I've bashed up so much that I am willing to carry it in my jersey pocket when I go mountain biking.

In low light or fast action, smartphones fail. In ideal conditions they're adequate, but so much happens outside of ideal conditions that I'd rather have my bashed up point and shoot at hand.