The iPhone's software, on the other hand, is doing some auto-adjustment before the file hits the SD card. It's optimized for a decent photo without any manual steps.
Also, notice the distortion in the iPhone photo: the buildings "lean" towards each other. The Canon 24-70mm f/2.8 is a _nice_ piece of glass, and is worth every penny of its $1500 asking price.
tl;dr: Take the 5D shot (in RAW, hopefully) and let a pro have a shot at it in Lightroom. That's a fair comparison.
The iPhone 4S's camera is a fixed focal length while the Canon lens they used is a zoom lens. Zoom lenses trade certain attributes for the flexibility of being able to zoom, one of which is corner softness at wide open apertures. The 24-70 is a decent all-around lens, and I have used it extensively, but I have never encountered a zoom lens that reaches the same image quality as a fixed lens for the same focal length.
You can see there's a little less blowout on the shiny roof with the 5D, and quite a bit more detail in the shadowed city streets. Certainly a higher color temperature, probably more accurate. But the 4S is quite impressive nevertheless. No apparent vignette issues.
These photos are not useful for assessing high ISO noise/grain...
One advantage of a DSLR is that you can get a sharper photo with less light and a shorter exposure time. On web-sized photo, taken on a sunny day, you just can't see the difference. If you take a photo at night even a complete amateur like me can tell the difference.
A DSLR isn't like a Ferrari, which blows the competition away in favorable conditions. It's like a Four wheel drive that can be used anywhere.
For example, the 4S photos are highly saturated (known to be a trait of the iPhone) and sharpened (whereas the S95 and 5D shots do not appear to have had any sharpening). In the first set of photos, the iPhone shots have a completely different DOF to that of the two cameras (and not even shot from the same position).
The "4S versus 5DMkII" video comparison going around conveniently ignores the little footnote in the accompanying description where the tester states that he "adjusted the 5D settings down to match the 4S options available", i.e. "4S video matches highly handicapped 5D video"...
No doubt, the 4S has impressive still and video functionality, but you're looking at a couple of lenspieces smaller than a penny versus 12+ pieces of glass in an L lens...
It feels so weird to defend Canon... I'm a Nikon man all the way.
Does it matter these days? My impression for the last couple years has been that more or less any dSLR will work very well for the vast majority of what most people do. When people ask me about photography, I by and large say, "Get whatever your friends are using and/or whatever is cheap."
I own a Pentax, but would never choose this company (not hardware) if I was any serious about photography.
Oh, you're the other one. Glad to meet you :)
(FWIW, I chose Pentax because of on-board image stabilization. That should allow me to save money by not paying for it in every lens (as Canon and Nikon do). However, it seems to turn out that the big names get enough economy of scale that the lens price isn't better for Pentax anyway.)
A shame the selection of lenses seem to be that limited, many times with one type of make/model for given parameters only.
iPhone 4S has no chance against 5D mk II.