My friend brought a cheap point-and-shoot camera to last New Years Party. He had pictures from a family get-together with kids throwing leaves up in the air, taking multiple snapshots during. With the fast shutter mode, you could see individual leaves and zoom in on them. I'm certain the iPhone 5 nor any other camera phone cannot come even remotely close to that.
Then there's the low light pictures I tested during the party. None of the cameraphones could get a decent shot, but the point-and-shoot was amazing.
Sure, if you take pictures in ideal conditions with a cameraphone, it starts to get hard to tell, but the reality is most pictures are taken with low lighting, or too much motion, and I've yet to see a single cameraphone be even minimally useable in these conditions.