I got my first cameraphone when I was a senior in high school. I had a job at Circuit City, and I saved up my dough for quite a while to buy a Nokia 6820 for $400.
After I graduated, I went on my first road trip to Chicago. While there, I had a real camera but I took a few pictures with the phone for the heck of it.
Here is one picture I took:

That's taken from the Sears Tower (now Willis Tower) observation deck.
That is the actual size of the photo. Not resized or anything.
Now here's a picture I took with my $200 phone yesterday:
That's not full size. Here is a larger version, but Flickr wont let me upload the full size image without paying for Flickr Pro. The actual image from the camera is 2.5x larger.
Here is a comparison of the image dimensions between the two cameras.
All I'm saying is, my phone has a good camera.
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And no, exponentiality isn't a word, but it damn well should be.