According to this NY Times article, point and shoot camera sales are falling off as users switch to smart phones like the iPhone. It will be interesting to see how this all works out and where photography ends up in a few years.
There’s two sides to this story. One is that the market is getting split between high-end cameras and smart phone cameras. This may lead to the return in importance of the professional photographer. If only pros have high-end cameras, then the amateur market may recede somewhat.
On the other hand, smart cameras like the iPhone can produce results that were possible by only darkroom masters in the not too distant pass. Who needs a high-end camera when you have the Hipstamatic?
Just food for thought…