Already begins to be quite common to find phones with 5MP camera, from Nokia N82 to the LG Viewty, but Samsung the batteries has been presenting the smallest 8-megapixel CMOS sensor.
This means that soon we will see many more phones that offer this resolution on your camera. But at least not been in a simple increase in resolution, but that available technologies like facial recognition, anti-shake, macro, smile detection.
The time come when cameras phones replace the compact? It seems difficult, more than anything else by the size of lenses necessary to do so, but developments such as liquid lenses could take us there.