No, it's not perfect just like an iPhone doesn't take as a good a picture as a high-end Canon/Nikon/Sony. But, AFAIK, all modern phones have perspective correction built in to their photo editor controls. I use them quite often to do the same things (in relation to perspective) as seen in the article. Again, they aren't as nice but 99.9% of the time the images I personally take are only going to be seen on a small screen. And even on a large screen (my 65" TV) they still look great at a glance.
There's two features I wish were more common.
1. Changing the size of the image. Say you take a 1000x1500 image, in adjusting the perspective to make the verticals not converge you'd really need the image to be 1000x2000. No app I know if will do this. As you adjust the perspective there's no option to increase the size of the image to fit the result so stuff just gets cropped. Ideally it would let me opt into auto-increasing the size of the image to fit the plane of the original after its tilted. (note: I get I could do this in photoshop by pulling the image into a larger document. I'm just annoyed I have to go that far and wish I could do it in the phone in the default photo editor as I just the perspective.)
2. Let me change the perspective live while I'm taking the picture. IIRC I found apps that do this but they want $10-$20 a month. Here's hoping Apple and Google add it to the default camera apps. This could be even better because given computational photography the phone can take 10-20 shots at 1000fps and then merge them for higher res in the areas where there's less censor pixels per arc angle.