It barely matters. The camera hardware and software lag like crazy and lack the postprocessing people are used to now -- the photos are terrible with a decent 5MP sensor and would probably be worse with the same weak CPU but more bits to shuffle...
From my limited experience with it, there's a huge amount of focus lag on the sensor itself, massive shutter lag, and then several seconds of postprocessing lag. I'm sure the last two can be improved in software, although the phone's CPU is so slow I wouldn't expect anything remotely in the realm of Google's GCam computational photography magic.
The focus speed just won't be great, it's old-school contrast detection autofocus.