will iPhones kill Nikon and Canon?

A lot of people are saying that the iPhone camera will eventually push the camera manufacturers out of business. I used to think no way, but last night I changed my mind. I could see it coming if Apple continues to improve on the image quality, especially in the area of noise reduction. A larger CMOS sensor might do the trick. I had 3 cameras last night at a roof top party (Nikon D3s, Sony RX100, and an iPhone 5), and the most useful was the iPhone5 followed by the Sony RX100, and last by the Nikon D3s.　This photo was taken with an iPhone.　The draw back is that the client expects a professional photographer to show up with an expensive camera and a huge telephoto lens for the kind of money they are paying.