I was just amazed at the current innovation. This is a real camera/phone that photographers should be happy about. It may not be complete yet (not yet fully a smartphone, can't make voice calls) but it's sure a good start. I just hope they increase the camera sensor size to at least 1/1.7 with the next iteration. As of now, some dslr-like functionality (full manual control on ISO, Aperture, and Shutter speed) are already incorporated in it. It's lens is a 23mm equivalent on a 35mm camera though max aperture is 2.8. I hope they increase it to 1.8.
http://www.dpreview.com/products/samsung/compacts/samsung_galaxycamera4g/specification
http://www.dpreview.com/products/samsung/compacts/samsung_galaxycamera4g/specification